Health Savings Account
Pay for medical expenses using pre-tax, HSA dollars
An HSA Paired with a qualified health plan allows you to make tax-free contributions to a federally insured savings account. HSA qualified plans typically cost less than traditional plans, and the money saved can be placed in your HSA to earn tax-free interest.
Take advantage of tax savings
Deposits to your health savings account are not subject to federal income tax. When you use the funds to pay qualified medical expenses, you can withdraw without tax liability or penalty.
Save strategically for retirement
The average American couple will need hundreds of thousands of dollars to cover out-of-pocket health care costs in retirement. An HSA can help fill the Medicare gap as well as dental, hearing and vision expenses. Unlike a flexible spending account you might use with an employer, the funds you contribute to your health savings account roll over each year and continue to grow. In addition, after age 65, you can use your HSA much like a 401(k) and withdraw funds for any purpose.
Earn tiered interest
Based on your average daily balance, your balance earns a tiered annual percentage yield and interest rate. Interest is compounded monthly. Annual percentage yield and interest rates could change at any time. For current rates, contact First International Bank & Trust.
- Tier 1: Balances of $0 to $2,499.99
- Tier 2: Balances of $2,500 to $9,999.99
- Tier 3: Balances of $10,000 or more
There are no service charges for the first 12 months. Subsequent months will be assessed a $3 monthly service charge if the balance goes below $2,500 on any day of the statement cycle.
2022 Health Savings Account Limits
|HDHP Minimum Deductible||Individual||$1,400||$1,400|
|HDHP Out-of-Pocket Limits||Individual||$7,000||$7,050|
|ACA Out-of-Pocket Limits||Individual||$8,550||$8,700|
|HDHP Maximum Annual Contribution||Individual||$3,600||$3,650|
|HSA Catch Up Contribution (age 55 and older)||$1,000||$1,000|
- Complimentary First International Bank & Trust custom-design checks are available
- Access your account online
- Check safekeeping
Who is FIBT?
First International Bank & Trust (FIBT) is a full-service, family-owned, independent community bank serving a wide range of communities across North Dakota, South Dakota, Minnesota, and Arizona.