Health Savings Accounts
Open a FlexHSA® (Health Savings Account)
and Attain the Complete HSA Experience
A Health Savings Account (HSA) is a custodial or trust account used for paying qualified medical expenses. The account can be established by either an eligible individual or by an employer for an eligible employee. HSAs combine a savings account with a high-deductible health plan, offering you lower health insurance premiums with various tax advantages. An HSA offers you many important benefits, including:
- Tax-deductible contibutions to your account
- Interest earned on the account is tax-free
- Year-to-year roll over of funds in the account
- Distributions from the account for medical purposes are tax-free
- Distributions or purchases can be made with a debit card
- The funds you deposit can be invested to generate even more income (which is tax-deductible, if used for medical purposes)
- Individuals over 55 are allowed to deposit additional "catch-up" contributions
- The account is portable - if you leave your employer, the account goes with you
What is FlexHSA®?FlexHSA is the complete HSA experience - integrating health benefits, banking services and investment options through one point of contact.
With FlexHSA, you have the option to apply for an HSA-compatible high deductible health plan. FlexHSA provides access to numerous health insurance carriers that offer multiple plan options, including Blue Cross Blue Shield of Illinois, Aetna, American Medical Security, Assurant and more.
Your HSA account can be opened in either our Traditional or our Premier Account.
Our Traditional Account is for employees and individuals seeking basic banking services to pay for their qualified medical expenses. This account provides a debit card and checking capabilities, a money market account, and access to our Personal Cash Manager for account balances, transaction details and monthly statements.
Our Premier Account is for employees and individuals seeking to accumulate and grow their assets in a tax-advantaged account, generally larger balance accounts. In addition to the basic banking services, the Premier Account provides extensive online investment capabilities through PCM or our toll-free phone number.
Our Personal Cash Manager shows you account summaries, portfolio allocations, trading capabilities, transaction history, investments, monthly statements and more.
Call Today
We will be happy to set up your own Health Savings Account in just minutes at First DuPage Bank. Call one of our Bankers at 630-725-1500 for information or to make an appointment.
Go to www.flexhsa.com to learn more.