- Reduce or even eliminate your high deductible
- Pay for prescription drugs or doctor co-payments
- Use for non-covered medical expenses such as dental and vision1
- Plus, any HSA funds that are in your account at the end of the calendar year remain in your account for future use2
Health Savings Accounts
Take full control over your health-care plan.
Each of our Health Savings Accounts [HSAs] are available to policyholders of a qualified, high-deductible health plan3 and offer the following advantages:
- Contributions are not tax-deductible
- Distributions (withdrawals) are not taxed1
- Free online banking access
- Free eStatements for easy spend tracking
- Mulltiple deposit options including direct deposit
- Maximum Contribution Limits4
- Individual - $3,550
- Family - $7,100
- Free Visa® debit card
- Free checks (first order only)
- Minimum Initial Deposit - $100
- Transaction Limitations - None
- Monthly Fee - $3 (waived if $1,000 average daily balance is maintained)5
- Interest Rate - Earn up to APY*
- Free Visa® debit card
- Free checks (first order only)
- Minimum Initial Deposit - $100
- Transaction Limitations - Six (6) withdrawals per month/cycle6
- Monthly Fee - $2 (waived if $2,500 average daily balance is maintained)5
- Interest Rate - Earn up to 0.25% APY*
- Minimum Initial Deposit - $1,000
- Transaction Limitations - Only withdrawals of interest credited are allowed prior to maturity date
- Monthly Fee - None5
- Interest Rate - Earn up to 1.87% APY*
Our Health Savings Accounts offer an FDIC-insured investment option that can be integrated with any qualified health plan.
Advantages for Individuals:
Individuals can easily manage their health care expenses with an HSA.
- Portability – If you leave your current employer, you can take your HSA with you.
- Tax savings – Your contributions to the HSA are made with tax deductible or pre-tax dollars, so you will pay less in income taxes.1
- Control – You can use the funds in your HSA to pay for any qualified medical expense, as defined by the IRS.2
- Savings and Investments – Unlike premiums, unused HSA dollars remain in the HSA until you use them later.
Advantages for Employers:
Employers can control their health benefits program, while still providing the right kind of protection employees expect and deserve.
- Reduced Premiums – You can reduce your insurance premiums substantially by switching to an HSA-qualified, high-deductible health plan.
- Tax savings – Your contributions to your employees' HSAs are made with pre-tax dollars.1
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Frequently Asked Questions
Deposits can be made by mail, direct deposit, wire transfer, electronically via ACH, or you can utilize Farm Bureau Bank's online banking platform to initiate transfers from another account (including non-Farm Bureau Bank accounts).
Farm Bureau Bank will furnish the tax forms 1099-SA and 5498-SA. The 1099-SA reports distributions and is sent out in January. The 5498-SA reports contributions and is sent out in May of each year.
You can utilize all of the features and functions of Farm Bureau Bank's online banking platform to manage your HSA. This includes:
- Track transaction activity – Review monthly statements and check images, including detailed descriptions of electronic transactions.
- Pay medical expenses – using the online bill payment service.
- Make contributions – Automate and self generate transfers from non-Farm Bureau Bank accounts.
You may contact us by phone, mail, email, or fax to request an additional debit card or order more checks on your HSA account.
Farm Bureau Bank charges a monthly administration fee on HSA checking and HSA MMA due to the IRS reporting requirements and additional maintenance of these accounts. However, in most cases, your HSA can be exempt from the fee after the first year by maintaining a minimum balance in the account. See account disclosures for more details.
For a full description of HSAs please refer to IRS Publication 969.
Helpful Tools
Disclosures:
1 Consult your tax advisor for more information.
2 All HSA withdrawals [distributions] must be used for qualified medical expenses, as defined by the IRS, or they may be subject to a 20% IRS penalty. Qualified medical expenses include insurance deductibles, dental services, vision care, prescription drugs, co-pays, psychiatric premiums and other qualified medical expenses NOT covered by a health insurance plan.
3 A high-deductible health plan is a health insurance plan that typically offers lower premiums but has higher annual deductibles (compared to traditional health plans).
4 Contributions limits for 2020. No contributions are allowed for individuals age 65 or older. Visit www.irs.gov for additional information.
5 See Deposit Fee Schedule for detailed fee information. Fees may reduce earnings on the account.
6 Federal law limits six (6) withdrawals per statement cycle. For transactions exceeding federal requirements, excessive withdrawal fees may apply according to current fee schedule.
7 HSA CD may be opened for a portion of HSA funds. Accountholders must also have an HSA checking or HSA savings/MMA for access to funds.
Farm Bureau Bank deposit accounts are FDIC-insured up to $250,000 per depositor.
Fees could reduce earnings on deposit accounts.
The Annual Percentage Yield [APY] and interest rate on tiered rate accounts will change based on the account balance, as indicated by the tiers on the Rate page. If the balance increases or decreases into a different tier, the new rate yield and rate will take effect the date the balance changes and applies to the entire balance of the account. Interest rates and corresponding APYs may change at the bank’s discretion.