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Advantages of a Health Savings Account

A Health Savings Account (HSA) is an account owned by individuals that allows them to pay for current and future medical expenses on a tax free basis. Contributions can be made by the individual, their employer, or both, to pay for current health expenses and save for future qualified medical and retiree health care costs. Funds accrued in the account are rolled over year-to-year if not used.

For what type of medical expenses can I use my HSA?

You can use the funds in your HSA to pay for qualified medical expenses for yourself, your spouse and your dependent children. Qualified medical expenses are defined under the federal tax law and include most medical care and services, dental and vision care, and some over-the-counter drugs.

How do I qualify for an HSA?

To be eligible for a Health Savings Account, an individual:

  • Must be covered by a high deductible health plan (HDHP)
  • Must not be covered by other health insurance
  • Must not be enrolled in Medicare
  • Cannot be claimed as a dependent on someone else's tax return

Eligibility requirements are based on IRS guidelines. Spouses may establish their own individual HSA, if eligible. Children cannot establish their own HSA. If you are unsure if you qualify for an HSA, please consult your tax advisor and/or health plan administrator.

What do I get with my FNBR Health Savings Account?

When you open a First National Bank of the Rockies HSA with a minimum deposit of $100.00, you will receive:

  • Earned interest*
  • No minimum balance requirements
  • No transaction fees
  • Free Online Banking and Bill Pay
  • Free checks
  • Free HSA debit card
  • Monthly image statements

There is a one-time set-up fee of $30.00 to open an account. A $3.00 service charge will be assessed monthly, and standard overdraft fees will be assessed if applicable.

*For current rate information, please see your FNBR customer care representative.

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