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Health Savings Account

Pay for medical expenses using pre-tax, HSA dollars

An HSA Paired with a qualified health plan allows you to make tax-free contributions to a federally insured savings account. HSA qualified plans typically cost less than traditional plans, and the money saved can be placed in your HSA to earn tax-free interest.

Take advantage of tax savings

Deposits to your health savings account are not subject to federal income tax. When you use the funds to pay qualified medical expenses, you can withdraw without tax liability or penalty.

Save strategically for retirement

The average American couple will need hundreds of thousands of dollars to cover out-of-pocket health care costs in retirement. An HSA can help fill the Medicare gap as well as dental, hearing and vision expenses. Unlike a flexible spending account you might use with an employer, the funds you contribute to your health savings account roll over each year and continue to grow. In addition, after age 65, you can use your HSA much like a 401(k) and withdraw funds for any purpose.

Earn tiered interest

Based on your average daily balance, your balance earns a tiered annual percentage yield and interest rate. Interest is compounded monthly. Annual percentage yield and interest rates could change at any time. For current rates, contact First International Bank & Trust.

  • Tier 1: Balances of $0 to $2,499.99
  • Tier 2: Balances of $2,500 to $9,999.99
  • Tier 3: Balances of $10,000 or more
Service charges

There are no service charges for the first 12 months. Subsequent months will be assessed a $3 monthly service charge if the balance goes below $2,500 on any day of the statement cycle.

2020 Health Savings Account Limits
Plan Type20192020
HDHP Minimum DeductibleIndividual$1,350$1,400
Family$2,700$2,800
HDHP Out-of-Pocket LimitsIndividual$6,750$6,900
Family$13,500$13,800
ACA
Out-of-Pocket Limits
Individual$7,900$8,150
Family$15,800$16,300
HDHP Maximum Annual ContributionIndividual$3,500$3,550
Family$7,000$7,100
H.S.A. Catch Up Contribution $1,000$1,000

Additional Information
  • Complimentary First International Bank & Trust custom-design checks are available
  • Access your account online
  • Check safekeeping

Open Health Savings Account

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