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.

Summary
  • 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
Eligibility

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.