Health Savings Accounts (HSAs)

The Health Savings Account (HSA) is a personal consumer account established by individuals for a tax advantage to offset health care expenses if they have a high deductible health plan regardless of whether they are self-employed or employed.

A HSA lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs.

HSA funds generally may not be used to pay premiums.

Frequently Asked Questions

Who can open a The FNB Community Bank HSA?

You must meet the following requirements:

  • You are covered under a High Deductible Health Plan.
  • You cannot be claimed as a dependent on another person's tax return.
What are the benefits of an HSA?
  • A Health Savings Account can help you on taxes. Your HSA contributions go into your account BEFORE taxes and can help you lower your taxable income. As long as you cannot be claimed as a dependent on another person's tax return, you can deduct your HSA contributions (except those made by your employer). When the funds are used for medical, dental, and vision care expenses, they are not subject to income taxes. You should always consider talking with a competent tax advisor prior to opening a retirement account.
  • Using a HSA is a great way to pay for bills like coinsurance, copays, and your deductible (all tax free). You can also use a HSA to pay for bills that insurance doesn’t cover, such as dentist and eye appointments.
  • Unspent money in HSAs rollover, so your money is available for future health expenses.
  • HSAs can take some of the stress out of unexpected health costs.
How can I open a HSA?

To open a HSA at The FNB Community Bank, you may visit one of our 7 locations and a Customer Service Representative would be happy to help you. You must have the following:

  • Opening Funds: $1.00 to open the account.
  • Your Information: Name, Address, Date of Birth, SSN, Job Title, and Current Marital Status.
  • Primary Beneficiaries and Contingent Beneficiary Information: Name, Address, Date of Birth, SSN, Relationship, and Percent Allocated
How can I access my HSA Funds?

HSAs, like our other checking accounts, can be issued checks and debit cards.

What are the annual maximum contributions limits?

The Tax Relief and Health Care Act of 2006 provides the limit the customer may contribute to the plan each year. You may contribute up to $3,850.00 for individuals and $7,750.00 for families (as of 2023). If you are 55 or older, you may contribute an additional $1,000.00.

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