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Health Savings Account (HSA)

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When you need to see your doctor, you don’t want to have to worry about the cost. With a Health Savings Account (HSA), individuals with High-Deductible Health Plans (HDHP) can focus on their health instead of their wallets. This  account allows you to cover qualified current and future medical expenses tax-free*.

The account includes a free HSA debit card, free online banking and bill pay services, making it easy for you to manage the costs of your healthcare. Plus, our HSA is a tiered rate product, allowing you to earn more when you save more.

*Consult your tax advisor.

There are several benefits to maintaining an HSA, which include:

  • Contribute to your HSA on a pre-tax basis
  • Conveniently access your funds any time
  • Save and invest for future qualified medical expenses
  • Invest in your future financial well being

Frequently Asked Questions

  • Who is eligible to maintain a Health Savings Account?

    To be an eligible individual and qualify for an HSA, you must meet the following requirements:

    • You must be covered under a high deductible health plan (HDHP)
    • You have no other health coverage
    • You are not enrolled in Medicare
    • You cannot be claimed as a dependent on someone else's tax return
  • How do I make contributions to my HSA?

    Contributions to your Health Savings Account can be made through payroll deductions, at one of our branches or online. Contributions made during the present calendar year for the previous year, require special documentation and must be in writing.

  • Who can make contributions to my HSA?

    Contributions may be made by you, employer, or an eligible individual's family member.

  • What is a catch-up contribution?

    If you are over the age of 55, you may take advantage of the annual catch-up contribution.  The catch-up contribution amount is determined by the IRS annually.

  • How do I take distributions from my HSA?

    You may pay a qualified bill by writing a check, using your HSA Debit Card, or using our free Online Bill Payment.

  • Can my HSA be a joint account with my spouse?

    No. Health Savings Accounts may only have a single owner. However, we do allow you to designate an authorized signer, such as your spouse, to make qualified distributions by check or debit card.

  • What are qualified medical expenses?

    The costs associated to diagnose, cure, mitigate, treat, or prevent a disease. For additional information, refer to IRS Publication 502 (

  • Who is responsible for maintaining records for the purpose of determining whether distributions from the HSA are used for qualified medical expenses?

    You are responsible to maintain sufficient records of your distributions.

  • Must I deplete my HSA balance at the end of the year?

    No. Funds will roll over and can remain in your HSA.

Open a Health Savings Account

If you are ready to open a health savings account or have more questions, please visit your local The Farmers Bank branch. We will be happy to answer any questions you might have or guide you through the steps of setting up your own HSA.