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HSA - Health Savings Account

Health savings accounts (HSAs) can help people cover the medical costs that they must pay out of pocket. By opening an HSA, you can set money aside in a separate account for medical expenses. Then, you can take money from your account using a debit card or check. 

If you think you would benefit from a health savings account, talk to our team at First Commonwealth Bank. We can discuss the benefits of an HSA in more detail and help you decide whether it is the best option for you. Set up an appointment online or stop in to your local community office to start a health savings account in Ohio or Pennsylvania.

What Is a Health Savings Account?

In its simplest form, an HSA is much like a personal savings account, but it may only be used to pay for qualified medical expenses, such as prescriptions and co-pays from a doctor's visit. The money you place into an HSA is not taxed, and the amount you can add each year is determined by the IRS (and subject to change). 

Taxpayers enrolled in a high deductible health plan (HDHP) can start a health savings account. The money in your HSA rolls over each year and accumulates if it's not spent.

HSA Tax Benefits

An HSA can save you money on your medical expenses by offering several tax benefits, including:

  • Tax deductions: You can deduct all contributions to your HSA on your taxes, with the exception of any money added to your account by an employer or from your individual retirement account (IRA).
  • Tax-free withdrawals: Withdrawals from your account may be made tax-free to pay for qualified medical expenses, including vision and
  • Tax-free interest: Earn tax-free interest on the money in your health savings account.

Beyond offering tax benefits, HSAs have other advantages. For example, many medical expenses apply, including mental health, dental and medical. You can also enjoy an annual rollover of funds in your HSA account, and others like family or employers can contribute to the account.

Our HSAs

We have health savings account options for individuals and for families. Our HSAs are checking accounts that come with debit cards1 and checks that allow you to pay for your medical expenses. You can manage your HSA through online banking or our app, including depositing checks into your account from your smartphone.

 Minimum Opening Deposit $50 
 Monthly Service Charge $4 per month if balance falls below $500 anytime during the month
 External Account Transfers Free
 Overdraft Fee Will not incur overdraft fees

Who Is Eligible for HSAs?

Health savings accounts are available to those with a high deductible health plan (HDHP).  Your employer would have notified you during your benefits election if you have an HDHP.The

Internal Revenue Service (IRS) also sets eligibility standards for HSAs, requiring you to:

  • Have a qualified HDHP.
  • Not have other health coverage.
  • Not be enrolled in Medicare.
  • Not be claimed as a dependent on someone else's tax return.

Why Open an HSA With First Commonwealth Bank?

We love having offices located in the heart of many communities and have grown to operate in locations across Ohio and Pennsylvania, and we still retain the same commitment to our customers that we had when we first started. Some other reasons to work with us include:

  • Electronic account management: When you open an HSA with the team at First Commonwealth Bank, you can manage your account from anywhere, even depositing checks into the account from your phone.
  • Commitment to making a difference: We're committed to making a financial difference in the lives of our customers, so we'll help you improve your financial life.
  • Perfect size to serve you: We're big enough to offer the same services as national banks but small enough to connect with our customers personally.

Open Your HSA Today

We would be happy to open a health savings account for you in person at any of our community offices.

Consult IRS Publications 502 and 969 or your tax advisor for more information on Health Savings Accounts.

1HSA Debit Cards can't be used at ATMs