First Northern Bank is pleased to offer Health Savings Accounts (HSA). An HSA is a federally approved, tax-exempt savings account designed for the purpose of paying medical expenses for individuals and families with a qualified high-deductible health care plan. By utilizing an HSA, you may be able to reduce insurance premiums by paying deductibles and qualified medical expenses with tax-free dollars.

• Businesses structured as sole proprietorships and the self-employed are excellent candidates for a Health Savings Account.

• The money in an HSA belongs to you. You control the money you spend for your health care services. You can take it with you from one employer to another and continue to make contributions or withdrawals.

• You can deposit (generally until age 65) or withdraw your money anytime without tax penalty as long as you use the funds for qualified medical expenses.

• HSA contributions are tax-deductible and can be made by an individual or an employer.

• Interest earned on the account is tax free.

• Unused funds and interest are carried over, without limit, from year to year.