Health Savings Account (HSA)

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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
24-hour account access via phone and Internet
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

Convenient Access

Phone
- 24/7 Call State Farm Bank toll-free at 1-877-SF4-BANK/1-877-734-2265
Internet
- Free online banking
- Online transfers to and from your existing State Farm Bank accounts AND external bank accounts
- View posted check images online
Mail
- Postage paid envelopes
- Overnight deposits are free for deposits of $100 or more. Learn More