A Health Savings Account (HSA) is a tax-exempt account, coupled with a High Deductible Health Insurance Plan, which is an affordable alternative to traditional health insurance. Whether you are looking to open a HSA for the first time or to transfer funds from an existing HSA, First State Bank and Trust has the solution for you!

Enjoy all of the benefits our HSA offers you

  • Competitive tiered interest rates.
  • When used for qualifying medical expenses:
    • Tax deductible contributions.
    • Tax free interest earnings.
    • Tax free distributions.
  • FDIC insured funds giving you the peace of mind your funds are protected.
  • No risk of forfeiture as unused funds roll over from year to year.

Your HSA Account Features

  • Access to your HSA via internet banking and BillPay to electronically transfer funds and pay for qualified medical expenses.
  • HSA debit card and checks to offer convenient payment methods for qualified medical expenses.
  • Excess contribution administration to ensure you do not exceed IRS limits. Excess contributions returned to you via cashier's check.
Open or transfer your HSA and begin to enjoy these features and benefits today!

Eligibility Criteria

To be eligible and qualify for a HSA, individuals must be covered by a high deductible health plan (HDHP). Additionally, individuals may not:
  • Be enrolled for Medicare benefits.
  • Be claimed as a dependent on another person's tax return.
  • Have additional health coverage that is not a high deductible health plan (HDHP).
Check with your health insurance provider or tax professional to see if you qualify for a HSA.

Qualified Medical Expenses

HSA funds are for qualified medical expenses incurred by you, your spouse and all dependents you claim on your tax return. Qualified medical expenses include, but are not limited to the following:
  • Doctor and dentist visits.
  • Prescriptions.
  • Hearing aids, eyeglasses and LASIK.
  • Health premiums when you are unemployed or over age 65.
  • Medical transportation to receive medical care.

HSA Contribution Limits 

Limit on contributions are set by the IRS and may change year-to-year. The amount you or any other person can contribute to your HSA depends on your age, the date you become an eligible individual, and the date you cease to be an eligible individual. Contribution limits vary for self-only HDHP coverage and family HDHP coverage.  

2024 Maximum Contribution

Single - $4,150 ($5,150 if age 55 or older)
Family - $8,300 ($9,300 if age 55 or older)

2024 Minimum HDHP Deductible

Single - $1,600
Family - $3,200

2024 Maximum HDHP Out-of-Pocket Expense Limit

Single - $8,050
Family - $16,100

For more information, please visit the IRS website.


There is a minimal annual service charge to cover administration of your account. See our fee schedule for the annual service charge.


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