First State Health Savings Accounts

NEW: Online Account Opening
First State Health Savings Accounts

First State HSA Features

  • No fees
  • Free debit card with account
  • Online banking access
  • Online account opening available
  • Interest bearing account
  • No minimum opening deposit
    • Accounts that are not funded within 60 days will be closed
  • Direct deposit options available for employers
  • Certified HSA specialist to help answer questions

There are some requirements that need to be met in order to open, or be eligible for a Health Savings Account.  An individual must be:

  • Covered under a qualified high deductible health plan
  • Not covered under a non-high deductible health plan
  • Not enrolled in Medicare or social security
  • Not eligible to be claimed as a dependent

If you are unsure please consult your employer, insurance agent or tax advisor.

Benefits of HSAs

  • Pre-tax contributions through payroll, if offered by employer
  • After-tax contributions can be deducted from gross income on tax returns
  • Carry over balances- not a use it or lose account


  • Contribution limits for 2019
    • Family coverage $7,000
    • Individual coverage $3,500
    • Catch up $1,000
  • Anyone can contribute to your HSA
  • Contributions can be deducted from payroll tax free, if offered by employer
  • Can make contributions for prior year up to April 15
  • Individuals age 55 or older can make an extra $1,000 contribution each year
  • After tax contributions can be deducted on tax returns
  • Excess contributions are subject to penalties


  • Qualified distributions can be found on IRS Publications.  (This is not an exhaustive list).
  • Debit cards can be used for qualified purchases
  • Can reimburse medical expenses paid out of pocket that the individual has incurred
  • HSAs can’t be overdrawn- or they immediately cease to be Health Savings Account
  • Non-qualified distributions are subject to penalties

Cami Rawson
Certified HSA Specialist