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HSA Accounts

High deductible health plans and medical expenses require forethought to avoid a big hit to the budget should medical needs arise. Plan ahead and start saving now with a health savings account at F&M Bank.

HSA Advantages and Benefits

With an HSA you get protection against high or unexpected medical bills, the flexibility to be able to save for current or future medical needs and complete control over the account. An HSA is also portable. If you change employers or insurance carriers, you take your HSA with you. The funds will remain in the account from year to year, just like an IRA, with no “use it or lose it” rules. Contributions to this account are also 100% tax deductible, including tax-free earnings through investment and tax-free withdrawals for qualified medical expenses.

HSA Eligibility

To be eligible for an HSA, you must be covered under a high-deductible health plan (HDHP).  You can’t also be covered by any other health plan that is not an HDHP, you can’t be enrolled in Medicare and you cannot be claimed as a dependent on another person’s tax return.

Contribution Limits

The maximum annual contribution amount is generally the less of 100% of the annual deductible under the HDHP or a specified amount. Limits are subject to change – ask a F&M expert for the current amount allowed when you apply.

Eligible Expenses

You can use the money in your HSA to pay for any qualified medical expense permitted under federal tax law. In general, this includes most medical, dental, and vision expenses. For a list of eligible expenses provided by the Internal Revenue Service, please go to

You can use the money in the account to pay for medical expenses for yourself, your spouse, or your dependent children. You can pay for expenses for your spouse and dependent children even if they are not covered by your HDHP.

How do I open my HSA?

  • Enroll in a high-deductible health plan (HDHP) with an insurance carrier of your choice.
  • Stop by an F&M Bank office near you to open your HSA.

Account Details

  • $100 minimum to open
  • No minimum balance required
  • $40 set-up fee
  • $40 annual fee
  • Simple enrollment
  • Knowledgeable customer service assistance
  • Self & employer contributions
  • Unlimited check writing privileges
  • Debit card available
  • Online Banking account access
  • Competitive account rates
  • FDIC insured account
  • Quarterly Statements
  • Year-end IRS reporting
  • $40 Termination Fee