Health Savings Accounts
Come to First Federal for a Health Savings Account (HSA)...the answer for your High Deductible Health Plan.
How HSA’s work
- Checking Account: A Health Savings Account (HSA) combines your high deductible health insurance plan with an interest bearing, tax-favored account.
- Health Coverage Benefits: Savings can be used for any qualified medical expenses- even those not typically covered by your plans.
- Tax Benefits: Contributions to the HSA are 100% tax deductible.*
- Benefits Carry Forward: Unused savings, or earnings, can be used in future years.
1. Minimum balance to open $50.
2. Must maintain $25 balance to keep account open.
3. Balances below $50 will not earn interest.
4. Rates may change.
*Applicable to all qualified medical expenses
Check with your insurance agent, or tax preparer, for details on qualified HSA plans.