Health Savings Accounts

A Health Savings Account (HSA) is an excellent way to save money tax-free, pay health plan deductibles and non-covered health expenses, while providing for future health-care costs as well.

Benefits of an HSA

Tax Deductible

Contributions you make are tax deductible, or if made through a payroll deduction, they are pretax. If your employer makes a contribution, there is also no tax to the employer.

Tax-free Interest

All interest earned is tax-free.

Tax-free Withdrawals

All withdrawals are tax-free if used to pay qualified medical expenses.

Portable

HSA accounts are portable—you keep them even if you change jobs or quit working.

How a Health Savings Account works

Contributions and Out-of-Pocket Limits
For Health Savings Accounts and High-Deductible Health Plans
 
  2024 2023
HSA Contribution Limit (Employer + Employee) Self-only: $4,150
Family: $8,300
Self-only: $3,850
Family: $7,750
HSA Catch-Up Contribution (age 55 or older) $1,000 $1,000
HDHP (High-Deductible Health Plan) Minimum Deductibles Self-only: $1,600
Family: $3,200
Self-only: $1,500
Family: $3,000
HDHP (High-Deductible Health Plan) Maximum Out-of-Pocket Amounts (deductibles, co-payments, and other amounts, but not premiums) Self-only: $8,050
Family: $16,100
Self-only: $7,500
Family: $15,000

* Please consult your tax advisor for guidance on and usage of a Health Savings Account.

You are about to leave the Frandsen Bank Website.

The site you have selected is an external one located on another server. Frandsen Bank has no responsibility for any external website. It neither endorses the information, content, presentation, or accuracy, nor makes any warranties, express or implied, regarding the external site. Thank you for visiting Frandsen Bank.

Open a New Deposit Account

If you wish enroll in online banking, please click "Cancel" and navigate to the "Enroll in Online Banking" button below "Log In".

If you wish to open a new deposit account, please click "Proceed".

Thank you for banking with Frandsen Bank & Trust!

You are about to leave the Frandsen Bank Website.

The site you have selected is an external one located on another server. Frandsen Bank has no responsibility for any external website. It neither endorses the information, content, presentation, or accuracy, nor makes any warranties, express or implied, regarding the external site. Thank you for visiting Frandsen Bank.