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Health Savings Accounts (HSA)

Health Savings Accounts (HSA)

Unfortunately, we can't predict our health, but we can plan for health-related expenses that come up. A Health Savings Account (HSA) provides peace of mind by offering a designated safe place to set aside for qualified medical expenses.

An F & M HSA pays interest above standard savings and also offers triple tax benefits: tax deductions, tax-free earnings, and tax-free withdrawals.* Best of all, regardless of job or life changes, your HSA always remains in your name, keeping the control in your hands — as it should be. Speak to a helpful F & M employee about establishing an HSA in your name today.

  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn interest above standard savings on entire balance
  • Receive higher rates on larger deposits
  • An HSA provides triple tax savings:
  • Tax deductions when you contribute to your account
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
  • Contributions are tax-free and can be made by you, your employer, or a third party
  • Funds can be withdrawn at any time**
  • No monthly service fee
  • No minimum balance requirements
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • Federally insured by FDIC
  • No minimum deposit to open

*Consult a tax advisor.

**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.


Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.