Health Savings Account
Employees who are enrolled in the PPO3000 HDHP have the opportunity to set aside funds in their HSA before taxes, through convenient payroll deductions.
Health Savings Account
HSA’s are tax-exempt, personally owned, supercharged bank accounts. Used by over 26 Million Americans to protect themselves and their dependents from the rise in healthcare cost. Tax-exemptions offered by HSAs include:
-
Contributions to an HSA are tax deductible and when processed as payroll deductions, the tax savings are immediate!
-
All HSA’s offered by First American Bank pay Interest, as your savings grows you never have to worry about paying taxes on the interest your HSA earns. Creating an opportunity to build medical equity both short and long term.
-
Distributions including payments and reimbursements for Qualified Medical, Dental and Vision Expenses are never taxed or penalized, helping to make healthcare more affordable.
No “Use it or Lose it” philosophy, because each eligible and participating staff member personally owns their account and unused balances roll-over at the end of each plan/calendar year. HSAs are also portable accounts, meaning account owners never lose ownership or control over an HSA due to termination or coverage changes (for example: choosing coverage under a traditional co-pay style plan during future open enrollment periods or due to a qualified life changing event).
About First American Bank
First American Bank is an Illinois-Chartered, privately held and full service financial institution with over 40 years of banking experience, recognized as a Top 20 HSA provider nationally. Headquartered in Elk Grove Village Illinois, managing a total of $5.9 billion dollars in assets under management. HSA banking with First American Bank focuses on the elimination of unnecessary monthly service fees, with a standard account offering free of any minimum balance and contribution requirements, contingent upon waiving monthly service related fees*. Helping qualified participants take advantage of the opportunity to save, invest and reduce their overall healthcare expenses.
See below additional resources: