Health Savings Account (HSA)

Features

• Allows you to save for qualified medical expenses if you have a qualified high deductible health plan (HDHP)
• FDIC insured
• Tax advantages: 
  • Contributions are tax deductible
  • Tax free earnings
  • Tax free withdrawals for qualified medical expenses
• Flexibility to use funds for current expenses or save for future needs.
• Unused balances may be carried from year to year
• Contributions may be made by you, your employer or both
• Minimum opening deposit is $100
• Several easy methods to make deposits
• No minimum balance fee
• Annual fee of $25
• Initial package of blue Specialty checks free
• Refer to the Truth in Savings Account Disclosures for more details.
  

Distributions

You can use your HSA to pay for qualified medical expenses, including insurance deductibles, co-pays and co-insurance, dental and vision care, and even over-the- counter medications.  There are some situations where you can use the money to pay for insurance premiums, such as: COBRA premiums, health insurance premiums while receiving unemployment benefits, Medicare premiums and qualified long-term care insurance.

Interest

• Variable, Tiered Interest Rate
• Compounded daily and credited to the account monthly
• Begins to accrue on the business day your deposit is received at State Farm Bank's Operation Center.

HSA Rates

Rates for Health Savings Accounts

Rates for other account types

Convenient Access

• Phone
  • 24/7 Call State Farm Bank toll-free at 1-877-SF4-BANK/1-877-734-2265
• Mail
  • Postage paid envelopes
  • Overnight deposits are free for deposits of $100 or more. Learn More

Statements

• Mailed monthly
• Can be combined with other State Farm Bank Deposit Accounts
• Available in Spanish

How to apply

• Convenient ways to apply for an HSA:
  • Contact a participating State Farm agent.
  • Call State Farm Bank toll-free at 1-877-SF4-BANK / 1-877-734-2265

Fees may reduce earnings

Disclosures

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