What is a Health Savings Account (HSA)?
You want to give your employees the best benefits. Here’s an easy and flexible way you can help your employees save money for medical expenses and reduce their taxable income if you offer and they participate in a qualified high deductible health plan.
A Health Savings Account (HSA) is a tax-advantaged* savings plan that is owned by an individual. Contributions are made by the individual on a pre-tax basis, and may be used to pay for current and future medical expenses. There are no restrictions on who may contribute to your HSA. Therefore, the individual, the employer, or any other person can make an HSA contribution on individual’s behalf.
Why Use an HSA?
Employers and employees alike appreciate this easy and valuable health plan option. Find out why:
Business Benefits:
- It’s a valuable benefit program.
- There’s no ongoing plan oversight or additional legal expenses.
- We provide all required disclosures.
- We handle all tax reporting.
- It’s easy to implement.
Employee Benefits:
- They’ll benefit from substantial tax savings.
- There are competitive rates.
- Use a HSA Debit MasterCard® to cover medical expenses.
- Get free online access to account information and electronic statements.
- Get free telephone support.
- There are no monthly maintenance fees with ACH Direct Deposit or when a $300 minimum daily balance is maintained. Otherwise the fee is $5.
- There’s an initial setup fee of $18.
An HSA can only be opened in a branch or by phone 800.399.5919.