Health Savings Accounts (HSAs) are savings accounts that were established by the Medical Reform bill. The account allows you to set aside pre-tax money to cover medical expenses, health costs and prescription drug expenditures that are not covered by your high deductible insurance policy.

Anyone with a qualified high deductible health insurance plan — individuals, employers and employees can contribute to an HSA.

In 2008, the maximum contribution for an individual may be up to $2,900 and for a family may be up to $5,800. Please consult your professional accountant or certified tax specialist for the maximum contribution amount as some HSA maximum contributions may cap at your high deductible or high-out-of-pocket expense.

Only qualified medical expenses are withdrawn tax-free. Funds can be withdrawn for any reason but are subject to a penalty.

First South HSAs earn interest, click here for our current rates.

The costs are very reasonable, a one-time set-up charge of $39.00 and a $3.50 account monthly fee. To view or print an application form just click here.

	Our HSA Application requires Adobe Acrobat Reader.

Just call 901.380.7400, e-mail us or go to the U.S. Department of Treasury's website here for more HSA information!