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Home / Personal / Savings / Health Savings Account

Health Savings Account

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The Health Savings Account is designed to help you save up for current or future medical expenses incurred because you are covered by a high deductible health plan.

 Health Savings Accounts (HSAs) are tax-favored accounts specifically designed to help you pay medical expenses for yourself, your spouse, and your dependents if you are covered by a high-deductible health plan (HDHP).

An HDHP is a health insurance plan that offers lower premiums in exchange for a higher deductible. If you are covered by an HDHP, then you can save by contributing money to a HSA, which you can then use to pay your medical expenses as they arise.


HSA Contribution Limits
  Individual Coverage Family Coverage
2014 $3,300 $6,550
2015 $3,350 $6,650
If you are age 55 before the end of the taxable year, you may contribute $1,000 more as a “catch-up” contribution. Both contribution limits are subject to potential cost-of-living increases.
  • Contributions are tax-deductible
  • Contributions made by an employer are excluded from income
  • Earnings are tax-deferred
  • Never taxed if used for qualified medical expenses as defined by the IRS
  • Balances "roll over" each year if unused
  • Unused balances may supplement retirement**


Current Rates

Balance Rate APY~
Less than $2,499 .15% .15%
$2,500-$9,999 .15% .15%
$10,000-$24,999 .15% .15%
$25,000-$49,999 .15% .15%
$50,000-$99,999 .15% .15%
$100,000 and up .20% .20%

Minimum to open: $50
New account set-up: $10 (one-time)
Monthly service charge: $3 

 *Use of non-First State Bank ATMs not included in the Allpoint Surcharge-Free Network may result in ATM fees charged by First State Bank and the ATM owner. Fees may be charged for other services.
**If used for retirement, balances will be subject to income taxes and to a 20% penalty until the HSA owner turns age 65. Refer to IRS regulations governing this account for limitations. 
+While alerts are a free service, your phone provider may charge for text messages.
~ This account earns interest at a variable rate. Annual Percentage Yield is accurate as of August 25, 2016. These rates may change at any time without prior notice. Fees could reduce earnings on the account.

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