Health Savings Account


Are you currently enrolled in a high deductible health care plan? If you answered yes, then a First Federal Health Savings Account is what you need. Funds contributed to your HSA are not subject to federal income tax at the time of deposit, giving you extra savings! Funds deposited into your HSA rollover from year-to-year thereby not forcing you to spend it on unneeded items at the end of the year. Funds may be used for qualified medical expenses at any time without federal tax liability.

Interactive Video Player


  • No annual fee
  • Minimum $50.00 deposit to open account (waived for group enrollment)
  • FREE online access and eStatements* provided monthly
  • $2.00 monthly service charge if balance falls below $2,500
  • Unlimited check writing and debit card access
  • No minimum balance to earn regular rate
  • Tiered interest rates

For more information, call 812.602.6564
*Effective 04/01/16 – If you choose to receive a paper statement, a $2.00 fee per month per statement will be charged.

NOTE: E-mail is not necessarily secure against interception. If your communication is very sensitive or includes personal information such as your account numbers, credit card number, or social security number, you may want to call us or send it through the U.S. Post Office.

Frequently Asked Questions


What is a Health Savings Account?

A Health Savings Account allows individuals to pay for current health care expenses and save for future qualified medical and retiree health care expenses on a tax-free basis.

Who is eligible for a Health Savings Account?

To be eligible for a Health Savings Account, an individual must be covered by a High Deductible Health Plan (HDHP), must not be covered by any other health insurance, is not eligible for Medicare, and can’t be claimed as a dependent on another individual’s tax return.

What is a “High Deductible Health Plan” (HDHP)?

A HDHP is a health insurance plan with a minimum deductible of $1,500 (self-only coverage) or $3,000 (family coverage). The annual out-of-pocket expenses (including deductibles and co-pays) cannot exceed $7,500 (self-only coverage) or $15,000 (family coverage). These are the 2023 figures. HDHPs can have first dollar coverage (no deductible) for preventative care and higher out-of-pocket (copays & coinsurance) for non-network services.

How much can I contribute to a Health Savings Account?

The maximum amount for self-only coverage is $3,850 and $7,750 for family coverage. If you are 55 years of age or older, you may contribute $1,000 as a catch-up contribution.  These amounts are for 2023 and change annually for inflation.

How do you contribute to a Health Savings Account?

Contributions to an HSA can be made by you, your employer, or any other person for your benefit. The combined contributions each year cannot exceed the maximum set by the IRS. Contributions can be made through payroll deduction, transfer from another First Federal account, by mail, or in person.

Do HSA funds have to be used each year?

No. There are no “use it or lose it” rules associated with HSAs. Balances in your HSA roll over from year-to-year.

Who owns the Health Savings Account?

The HSA and all contributions are owned by the individual. It is yours even if you change jobs, change medical coverage, leave the workforce, move to another state, or change your marital status.

What is a qualified medical expense?

Qualified medical expenses are those expenses that would generally qualify for the medical and dental expense deduction. Examples include amounts paid for doctors’ fees, prescription medicines, and necessary hospital services not paid for by insurance. For more detailed information, please refer to IRS Publication 502 titled, “Medical and Dental Expenses. “ If you still have questions please consult your tax adviser.

Who can benefit from my Health Savings Account?

You can use the money in your HSA to pay for qualified medical expenses of yourself, your spouse, or your dependent children even if your spouse or dependent children are not covered by your HDHP.

How do you access the money in your Health Savings Account?

You are able to access your HSA by using checks or your First Federal Visa debit card. You can even stop by one of our convenient locations.

What happens if I use the money in my HSA for expenses that are not qualified medical expenses?

If you use the money for any other reason, you will need to include that amount in your gross income when you file your taxes. It will be treated as regular income and will be subject to a 20% tax penalty (unless you are disabled or age 65 or over). It is your responsibility to keep supporting records to show the IRS that funds were used to pay for qualified medical expenses. Remember, your HSA money is tax-free as long as it is used to pay for qualified medical expenses.



Deposit Operations Support strives to provide you with exceptional customer service.  We are available 8:00 am to 5:00 pm CST Monday through Friday (excluding bank holidays) to assist with inquiries and requests regarding these products.


Please contact us by calling 812-492-8200 or via email at

Lost/Stolen ATM Card

Please contact us Monday through Friday from 8:00 AM CST to 5:00 PM CST at (812) 492-8123, if your ATM or Visa Debit card is lost or stolen. After normal business hours, call (800) 554-8969.