We often take our physical health for granted — until we get sick, that is. Make sure you’re covered in the event of a medical emergency or just for simple routine check-ups with a health savings account (HSA) from F&M Bank.
You’ll earn tax-free interest on your balance and contributions may even be tax deductible*. And there’s no use-it-or-lose-it policy. Your money will remain yours throughout your life.
- Tax-advantaged, high-interest savings account
- Tiered rates increase as balance rises
- No minimum balance requirements
- Contributions are tax free or tax deductible*
- Interest grows tax free
- Withdrawals are tax free when used for qualified medical expenses**
- Funds rollover year-to-year automatically
- Easy access by check, debit card, online, in-person
- Free starter pack of checks***
- Free E-Statements or $3 monthly service fee with paper statement
- Free online banking and bill pay
- Free HSA debit card
- $25 minimum deposit to open
In order to be considered eligible for a health savings account, you:
- Must be covered under a qualified, high deductible health plan
- Must not have coverage by another type of health plan
- Cannot be claimed as a dependent on another person's tax return
- Cannot be enrolled in Medicare
*Consult a tax advisor.
**Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.
***Variety mini pack of checks provided at the bank’s selection.