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Health Savings Accounts (HSA’s)

  • Health Savings Accounts - At A Glance

Health Savings Accounts are a tax advantage way to pay for health care expenses. An HSA allows you to pay for all of your medical expenses using tax-free money and  YOU control the funds in the account. Any unused money in the HSA remains yours.  Anyone enrolled in a qualified High Deductible Health Plan (HDHP) with no other health coverage can open and contribute to an HSA. Other coverage can be:

  • Another group or individual health plan
  • Enrollment as a dependent in your spouse’s health plan
  • A Health Care Flexible Spending Account (FSA)

For Bancorp services click here         

*** Any earnings (interest) from the HSA are also tax-free.

The following are services included on the standard HSA

  • Available to any size group
  • Prepare customized Employee Communication Materials for each plan year
  • Preparing customized educational flyers
  • Conducting open enrollment sessions with participants on site
  • Accepting and importing electronic file for Open Enrollment Elections
  • Ensuring Plan compliancy
  • Preparing elections report concerning each participant's account
  • FDIC Insured Account
  • Highly competitive interest rate earned from day one
  • First 50 bank checks free at time of opening account
  • FBA Benefits card (can be linked to a limited FSA-medical account on the same card)
  • 90+ Mutual Fund investment options
  • Two free trades per month
  • Full online account access at www.yourHSAsolution.com
  • Free online bill pay service
  • Multiple deposit options
  • Two-tier customer service support by both FBA and Bancorp representatives
  • Plan Document Services
  • Online, printable snapshot of activity including deposits/withdrawals
  • Complete government filing
  • Ability to administer HSAs standalone outside of a cafeteria plan
  • Integrated FBA Benefits Card – FSA/HRA/HSA
  • Ability to maintain the FBA HSA, even if the insurance carrier changes
  • Flex plan document amendment:
    • For pre-tax contributions into the HSA
    • For limited FSA for HSA qualification
    • Non-discrimination testing for HSA