Health Savings Account
Your Health Savings Account (HSA) is an important part of your financial world. Through our partnership with HealthEquity, Inc., you can leverage your HSA to maximize savings, both now and in the future. An HSA is similar to an IRA or 401(k) for medical expenses. If you change jobs or move to another city or state, your HSA can move with you.
A Health Savings Account (HSA) is designed for people with High Deductible Health Plans. It's a complement to traditional health insurance, enabling you to pay for current health expenses and save for future medical expenses on a tax-free basis†. Unlike a flex plan with its "use it or lose it" rule, your HSA money rolls over from one year to the next. Best of all, you own and control the money in your HSA. All decisions on how to spend and/or invest the money in your account are made by you.
Because unused balances in your account roll over from year to year, your account balance may grow. As your contributions and gains increase, you can make tax-free withdrawals† for qualified health care expenses at any time. This is particularly important later in life when your health care costs may be greater. Best of all, even if you never use the money for medical expenses, it stays in your account and can be withdrawn for any purpose after age 65. At that time, you'll pay only income tax on the monies you withdraw for non-health related expenditures.
First Interstate’s HSAs are administered by HealthEquity, an IRS-approved HSA custodian and one of the leading HSA administrators in the country.
First Interstate’s HSAs are administered by HealthEquity, an IRS-approved HSA custodian and one of the leading HSA administrators in the country. With HealthEquity, you will enjoy:
- Free debit card
- Online access to your account
- Free online payments to providers
- Convenient online reimbursements
- Mobile app
- Mutual funds investment options
- Online tax forms
- 24/7 member services by calling 1-844-280-4330
†Qualified HSA contributions are tax deductible, and qualified distributions are tax free. Refer to IRS Publication 502 for a list of tax-free (qualified) medical distributions.
**Consult your tax advisor. There is a substantial penalty for early withdrawal. Interest rates are subject to change.
†Qualified HSA contributions are tax deductible, and qualified distributions are tax free. Refer to IRS Publication 502 for a list of tax-free (qualified) medical distributions.
First Interstate Bank provides Individual Retirement Account (IRA) options to meet your unique financial situation and retirement goals.
Designed for clients who maintain a higher account balance and want to earn interest.
A good choice for straightforward individual or family savings with a lower balance requirement.