Health Savings Accounts

Health Savings Accounts (HSA) Details

Health Savings Accounts (HSA) provide, for those eligible, an innovative way to save for medical expenses by allowing you and/or your employer to make deposits into an account on a tax-advantaged basis*. If you have high deductible health insurance, a FirstMerit HSA may be right for you.

Eligibility

To be eligible, you must:
  • Have coverage under an HSA-qualified "high deductible health plan" (HDHP)
  • Have no other first-dollar medical coverage (other types of insurance like disability, dental care, vision care, and long-term care insurance are permitted)
  • Not be enrolled in Medicare
  • Not be claimed as a dependent on someone else's tax return


Savings with an HSA  

Benefits of a FirstMerit Bank HSA:
  • Save money on health insurance and taxes (please consult your tax advisor)
  • Earn money on your investment
  • Take advantage of more options with your healthcare dollars
  • Save for future medical expenses
  • Roll balances over from year to year


HSA Tax Benefits*

A FirstMerit HSA provides you:
  • Tax deductions when you contribute to your account
  • Tax-free earnings for your savings
  • Tax-free withdrawals for qualified medical expenses


Types of HSA Accounts

We offer the following Health Savings Accounts:
  • FirstMerit Health Checking
  • FirstMerit Health Money Market
  • FirstMerit Health CDs


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* Please consult your tax adviser.