Horizon Financial Bank
Health Savings

First Choice Health Savings

The first step to opening a Health Savings Account is to make sure you are eligible to participate in this program.

What is an HSA?

The Medicare Prescription Drug, Improvement, and Modernization Act of 2003 created Health Savings Accounts. The purpose of an HSA is to pay for qualified medical expenses. However, not everyone is eligible for an HSA. An HSA is a tax free contribution that can be used or rolled over year to year and may also provide benefits similar to many tax-favored retirement plans. The choice is yours to save or spend.

What are HSA program requirements?

  • Participants must be covered under a High Deductible Health Plan. Generally, an HDHP is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses.
  • Not covered by another health plan that is not an HDHP (exceptions apply).
  • Not enrolled in Medicare (generally younger than age 65)
  • Not eligible to be claimed as a dependent on someone else's tax return. (Children cannot establish their own HSAs. Spouses can establish their own HSAs, if eligible.)
  • No income limits on who may contribute to an HSA
  • No requirement of having earned income to contribute to an HSA

What is included in a First Choice HSA?

  • Available to qualified individuals
  • No minimum balance requirements
  • Free Deluxe HSA checks or free Horizon Financial Bank HSA debit card
  • Free access to Horizon e-Banking & Horizon e-Mobile*
  • Low annual fee (Fees could reduce the earnings on this account.)
  • Tax savings -- contributions, earned interest and withdrawals for healthcare expenses are tax free. Consult your tax advisor to learn more.

    *Carrier fees may apply for mobile services.


Horizon Financial Bank employees cannot give tax advice under any circumstance. Please contact your personal tax advisor to determine if this program is right for you.

For more information on program requirements, visit the IRS website.


Branches: Devils Lake, ND 701-665-2020 - Munich, ND 701-682-5331 - Osnabrock, ND 701-496-3482 - Bismarck, ND 701-751-7274
FDIC Insured The first choice for all your financial needs.

home | sitemap | privacy policy | contact us | career opportunities | about us
Equal Housing Lender