Health Savings Accounts

Your Benefits

There are many advantages to having a Health Savings Account if you have a qualifying high deductible health plan. Triple tax savings of tax-deductible contributions, tax-free investment earnings, and tax-free withdrawals for qualifying medical expenses make HSA's an extraordinary benefit that provides security, affordability, flexibility, and portability. You can protect against high or unexpected medical bills. You can also lower health insurance premiums by opting for coverage with a higher deductible. Funds in your account can be used for current medical expenses or you can save the money for future needs like long-term care. In addition, if you change jobs, change medical coverage, or move, you still get to keep your First Bankers Trust Services HSA. Like an IRA, funds remain in your account year to year whether you use them or not. Control of your HSA is in your hands, so you get to design a portfolio to meet your needs. You decide how much money to use for expenses and which investments to make.

Your Options

There are several options to consider while customizing your First Bankers Trust Services HSA including the following:

* Set-up - Groups, as well as individuals, with qualifying high deductible health plans are eligible for a First Bankers Trust Services HSA.

  • Individual HSA - Anyone can make contributions on behalf of the individual. Employer involvement is not required, however, an employer can make contributions. An individual can use the money in the account to pay for their own medical expenses, as well as the medical expenses of their spouse and their dependent children even if they are not covered by their HDHP.

  • Company HSA - Contributions made by employers are considered employer provided coverage for medical expenses. This provides cost savings for the company. Contributions are tax-deductible, and companies benefit from the appeal of health savings accounts to attract and retain employees.

* Investment Choices - Your self-directed HSA allows you to make your own decisions to grow your account. Create the combination that fits your lifestyle.

  • First Bankers Trust Company Checking Account Traditional check writing convenience and monthly statement of activity.

  • First Bankers Trust Company Certificate of Deposit - Safe growth at competitive rates.

  • Your Personal Investment Selection Including Stocks, Bonds & Mutual Funds

  • Managed Broker Investments Including First Investment Services - Team up with your preferred professional to direct your decisions.

  • Insurance Provider Selection - Work with your current agent or let our licensed staff help you set-up a HDHP insurance policy if you do not currently have one.

Our Services

As Custodian, our knowledgeable staff will help you maximize the benefits of a health savings account. Compliance with all government regulations for HSA’s is important. Our experienced staff of professionals has an in-depth knowledge of applicable Internal Revenue Service laws and regulations. First Bankers Trust Services will handle the details so you can enjoy the advantages.


 

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