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Health Savings Accounts (HSAs)

Health Savings Accounts (or HSAs) have become a great healthcare option for employers, employees, and the self-employed. HSAs combine a qualified High Deductible Health Plan with a Health Savings Account. The High Deductible Health Plan covers catastrophic illness and injury, while the Heatlh Savings Account covers routine expenses until the deductible is met.

HSAs offer a way to set aside funds to pay for today and tomorrow's medical expenses ... a way of 'refinancing' how you pay for health care needs. A traditional health plan requires that you send all funding of your healthcare to an insurance company, whether the insured individual needs the healthcare or not. With an HSA plan, you choose a qualifying high deductible plan and pay much less for an insurance plan. This new approach allows you to put the extra pre-tax savings (from the portion of funds that won't be sent to the insurance company as a large premium payment) into an individual savings account ear-marked for healthcare expenses.

Whenever you need to pay a deductible or co-payment, you can access funds in your HSA by check or with a debit card. Once the annual deductible is reached, your insurance plan kicks in to cover additional expenses as provided in your plan agreement. Money in your HSA rolls over from year to year, the money belongs to the individual and is portable if employment changes, and availability is not limited by employer size or by income.

If used lightly, the HSA can grow through annual contributions and compounding of interest. Then any unused funds at retirement age can be used for anything - even non-healthcare needs!

F&M Trust's Health Savings Account offers a healthy mix of easy-to-use features designed for maximum benefits and convenience including:

  • Tiered interest rate on savings
  • Free MasterCard debit card and free starter checks to give you complete access to your funds
  • FDIC Insurance coverage
  • Funds in your account may be used for non-healthcare needs at retirement 

Please contact Ron Froeschle at (717) 261-3578 for more information.

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