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Health Savings Account

Do you have a High Deductible Health Plan? We can help you with a First Option Bank Health Savings Account! A Health Savings Account (HSA) is an account opened by an individual to pay for eligible medical expenses not covered by a High Deductible Health Plan (HDHP) and contributions are tax-free! The IRS sets annual limits for deductibles, out-of-pocket expenses and contributions.


You’re eligible for an HSA if you’re:

  • Covered under a High Deductible Health Plan (HDHP)
  • Not covered under any other health plan other than the HDHP
  • Not enrolled in Medicare
  • Not claimed as a dependent on someone else’s tax return

HSA Benefits

  • Pay for day-to-day medical expenses with pre-tax dollars
  • FDIC Insured
  • No minimum opening balance
  • No set up fee
  • No annual fee
  • Visa® check card with unlimited point-of-sale transactions*
  • Competitive tiered interest rates
  • Electronic banking services including:
    • Internet banking
    • First Option Bank Mobile with Xpress Mobile Deposit
    • Electronic monthly statements
*Certain restrictions may apply. Subject to approval.

Triple Tax Benefits

Tax-deductible Contributions

  • Contribute up to the IRS maximum and enjoy tax savings in an account that exclusively covers eligible medical expenses.

Tax-deferred Growth

  • Funds in your HSA account grow in an FDIC-insured savings account without being subject to taxes, unless you use them for non-eligible medical expenses.

Tax-free Withdrawals

  • Your funds may be withdrawn tax-free, as long as they are used for eligible medical expenses. Funds carry over from year to year with no “use it or lose it” rules. The funds may be used tax-free for eligible medical expenses or at your normal tax rate for other purposes if you wait until after age 65.

Eligible Medical Expenses

Eligible medical expenses are defined by the IRS and may include doctor visits and checkups, hospital expenses, prescription drugs, optical care, dental care, and limited reimbursement for mileage, travel and lodging for medical purposes. The expenses may be for yourself, your spouse, or your dependent children.

Contributing to Your Account

You may contribute to your Health Savings Account several ways, including:

Check or Money Order

  • You can make contributions to your HSA by sending First Option Bank a check or money order.

Transfers or Rollovers

  • Funds in an existing MSA, HSA, IRA or FSA with another institution may be transferred to establish or combine funds with your First Option Bank HSA. Rules may apply.

Payroll Deductions

  • Contributions to your HSA can be made through an employer-sponsored plan such as a Section 125 Cafeteria Plan. In a Cafeteria Plan, the employer takes your HSA contributions out of each paycheck on a pre-tax basis.

Stop in the First Option Bank location nearest you to open your HSA today!

    As a Health Savings Account (HSA) Administrator we are not certified in giving tax advice, determining the eligibility of insurance or advising customers on how to pay out their HSA dollars. If you have questions on eligibility of your insurance contact your health insurance provider. If you question the eligibility of an expense, please refer to Publication 502 at