Health care expenses are part of life, but how you plan for them can make a big difference. If you’re enrolled in a qualified high-deductible health plan (HDHP), a Health Savings Account (HSA) from Farm Bureau Bank can help you take control of today’s medical costs and provide a powerful way to manage today’s medical expenses while preparing for tomorrow.
So, what Is an HSA?
An HSA is a tax-advantaged savings account designed to help you pay for qualified medical expenses. When paired with an HDHP, an HSA lets you set aside money for health care needs now and in the future.
One of the biggest benefits of an HSA is flexibility. The money is yours, it rolls over year after year, and you can use it for a wide range of eligible expenses, including doctor visits, prescriptions, dental care, and vision services.
Why Choose a Farm Bureau Bank HSA?
Farm Bureau Bank HSAs are designed to be simple, flexible, and built for long-term value, so you can focus on your health, not the hassle of managing medical expenses and paperwork.
Key benefits:
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Powerful tax advantages: Contributions are made with pre-tax dollars, earnings may grow tax-free, and withdrawals for qualified medical expenses are not taxed.1
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Ownership and portability: Your HSA belongs to you, even if you change jobs, health plans, or retire.
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No “use it or lose it” rule: Unlike flexible spending accounts (FSAs), unused HSA funds roll over year after year.
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Easy access to your money: Use your HSA debit card to pay for qualified medical expenses when you need to, with built-in safeguards to help ensure purchases are eligible.
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Online and mobile access: Check balances, track expenses, and manage your account anytime, anywhere.
An HSA for Today and Tomorrow
An HSA can be more than just a way to pay medical bills. Many people use their account for everyday expenses such as prescriptions or copays. Others choose to pay those costs out of pocket and let their HSA balance grow for future needs.
Because HSA funds can be used in retirement for qualified medical expenses, including certain Medicare-related costs, many account holders view their HSA as part of their long-term financial strategy.
What Can You Use Your HSA For?
The IRS defines a wide range of qualified medical expenses, including but not limited to:
- Doctor and hospital visits
- Prescription medications
- Dental and vision care
- Mental health services
- Certain over-the-counter items
Using your HSA for eligible expenses helps you get the most value from its tax advantages. For a list of eligible HSA expenses, visit irs.gov.
Who Is Eligible?
To open and contribute to a Health Savings Account, you must:
- Be enrolled in a qualified high-deductible health plan (HDHP)
- Not have other non-HDHP health coverage
- Not enrolled in Medicare
- Not be claimed as a dependent on someone else’s tax return
If you’re unsure whether your health plan qualifies, a benefits advisor or tax professional can help guide you.
Simple, Secure, and Easy to Get Started
Farm Bureau Bank makes it easy to open and manage an HSA. With straightforward account features and dependable support, you can focus on using your account rather than managing it.
Whether you’re new to HSAs or looking to move an existing account, Farm Bureau Bank offers a reliable option rooted in long-standing service and trust.
Take the Next Step Toward Health Care Financial Confidence
Health care expenses can be unpredictable, but the way you prepare for them doesn’t have to be. A Health Savings Account from Farm Bureau Bank can help you plan ahead, save smarter, and feel more confident about the road ahead.
1Tax advantages are based on current federal law and may change. Consult a tax advisor regarding your specific situation.
Tags: deposits, personal finance, savings