Health Savings Account
If your company offers or plans to offer a High Deductible Health Plan (HDHP), our experienced bankers would be happy to assist you with setting up Health Savings Accounts (HSAs) for your employees that meets all IRS rules and regulations. We partner with your company to develop the program and open the required accounts for your employees.
What is a Health Savings Account (HSA)?
- An HSA is a tax-advantaged medical savings account available to taxpayers who are enrolled in a High Deductible Health Plan (HDHP).
What are the tax advantages?
- The funds contributed to an HSA are not subject to federal income tax at the time of deposit. They are considered pre-tax deductions from an employee's pay check.
Are there any other advantages?
- Funds in an HSA roll over and accumulate year after year if not spent.