Health Savings Account
The rising costs of healthcare makes our Health Savings Account (HSA) a timely and smart solution for businesses across our communities. This tax-advantaged medical savings account lets you or any of your employees enrolled in a High Deductible Health Plan (HDHP) pay for any qualified medical expense. Our HSA enables you to expand your employee benefits package, helping them save money, on a tax-free basis, to pay for current and future qualified medical expenses. Unlike a Flexible Spending Account (FSA), funds in an HSA roll over and accumulate from year to year, providing greater flexibility and control for your employees.
- Substantially reduce your health insurance premiums when you switch to an HSA-qualified HDHP.
- Contributions by employers are exempt from payroll taxes.
- Your employees become better healthcare consumers with your assistance.
The Triple-Tax Advantage:
- Contributions are tax deductible
- Earnings are tax free
- Withdrawals are tax free for qualified medical expenses
- Use to pay for eligible medical expenses (i.e. prescriptions, preventative care, dental and vision care, and qualified over-the-counter medications)
- HSAs are portable—they follow your employees through changes in employment or insurance coverage
- Balances roll over from year to year—there are no “use-it-or-lose-it” rules
- Interest-bearing checking account
- Low minimum initial deposit and no minimum balance
- No setup fee
- Competitive interest
- No per-check charge
- Unlimited check writing
- Free monthly statement
- Free debit card
- Free eStatements
- Free online banking