How to Set Up an HSA with First Northern Bank

Setting up a Health Savings Account (HSA) with First Northern Bank is a straightforward process that can help you save money for medical expenses on a tax-advantaged basis. Here's a step-by-step guide to setting up an HSA with First Northern Bank:

1. Check Eligibility: Ensure you are eligible for an HSA by meeting the requirements set by the IRS.
2. Open an HSA: Visit the First Northern Bank website or a branch to open an HSA account.
3. Provide Information: Fill out the required forms and provide necessary identification documents.
4. Deposit Funds: Make an initial deposit into your HSA to start saving for medical expenses.
5. Start Using Your HSA: Once your account is set up, you can start using your HSA funds for qualified medical expenses.

Setting up a Health Savings Account (HSA) with First Northern Bank is a seamless way to put aside money for future medical expenses while enjoying tax benefits. To get started, here’s a step-by-step guide to navigating the setup process:

1. Check Eligibility: Begin by confirming that you meet the IRS requirements to qualify for an HSA. Typically, this means you must be covered by a high-deductible health plan (HDHP).
2. Open an HSA: You can visit the user-friendly First Northern Bank website or a local branch to initiate the process of opening your HSA account.
3. Provide Information: Be ready to complete some forms and submit necessary identification documents, which is a straightforward procedure.
4. Deposit Funds: To kickstart your savings journey, make an initial deposit into your HSA - this is where your tax-free savings begin!
5. Start Using Your HSA: As soon as your account is activated, you can access your HSA funds for a variety of qualified medical expenses, from doctor visits to prescription medications.