Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view,download Adobe® Acrobat Reader.
First State Bank and Trust Co.


Below are answers to some common questions about Health Savings Accounts (HSA) based on information from the IRS. Each HSA from First State Bank & Trust Co., Inc. includes a Visa® Debit Card. Customize your debit card here.

What is a health savings account?
An HSA is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents. You must be an eligible individual to qualify for an HSA.

Am I eligible for an HSA?
To be an eligible individual and qualify for an HSA, you must meet the following requirements:
  • You must be covered under a High Deductible Health Plan (HDHP), described later, on the first day of the month.
  • You have no other health coverage except what is permitted under other health coverage. 
  • You are not enrolled in Medicare.
  • You cannot be claimed as a dependent on someone else's tax return.

Who can contribute to my HSA?
Any eligible individual can contribute to an HSA. For an employee's HSA, the employee, the employee's employer or both may contribute to the employee's HSA in the same year. For an HSA established by a self-employed (or unemployed) individual, the individual can contribute. Family members or any other eligible person may also make contributions on behalf of an eligible individual.

Contributions to an HSA must be made in cash. Contributions of stock or property are not allowed.

How much can I contribute to my HSA?

Standard Contribution Limits
Tax Year
Self-Only Coverage
Catch-Up Contribution Limit
2022 and later
* Subject to annual cost-of-living adjustments.

Additionally, "catch-up" contributions are available for eligible individuals who are age 55 or older by the end of their taxable year and for any months individuals are not enrolled in Medicare.

For more detailed information regarding HSAs, please visit the IRS website by clicking here.