Business Banking

Considering a Health Savings Account?

BankFirst offers a Health Savings Account, which is:

• Interest-bearing and begins to earn interest on the first dollar deposited.
• Does not have a deposit requirement.
• Has no service fees or monthly maintenance fee.
• Has no account set up fee.

Health Savings Account or HSAs

HSAs are the latest news in affordable health care. HSAs combine a qualified High Deductible Health Plan (HDHP) with a Health Savings Account. The High Deductible Health Plan covers catastrophic illness and injury, while the Health Savings Account covers routine expenses until the deductible is met. HSAs offer a way to set aside funds to pay for today and tomorrow's medical expenses.

Why do HSAs spell affordable health care?

HSAs provide you with tax savings both when you contribute the funds and when you use the funds. Annual contributions reduce your taxable income and your qualified medical expenses are never taxed. All of the money you set aside in your HSA grows tax-deferred until age 65, when funds can be withdrawn for any non-medical purpose (ordinary tax applies), or tax-free when used for medical expenses.

What is the advantage to an HSA?

When comparing other consumer-driven health care options to an HSA, an HSA provides the most flexible and long-term investment opportunities to consumers. Unlike most consumer-driven health care options; HSAs roll over from year to year, the money belongs to the individual and is portable if employment changes, availability is not limited by employer size, and funds can be used for non-medical purposes after age 65 (ordinary tax applies).