Health Savings Account (HSA) (Biz)

Health Savings Account (HSA)

Show your employees you care by giving them something they really need: a tax-advantaged* way to pay for healthcare. An HSA offers flexibility and easy ways to access their funds.

And it's their account to roll over to their next job — so they can use their HSA next month, next year, or twenty years from now as long as the account has funds.

Features
  • Let employees use pre-tax* dollars to use toward medical-related expenses
  • Must be enrolled in a high deductible healthcare plan
  • $20 Set up fee
  • $20 Annual fee
  • Money rolls over year to year
  • Account is owned by your employee
  • Several simple ways to access funds
  • $200 minimum deposit to open HSA Interest Checking
  • $100 minimum deposit to open HSA Regular Savings
  • FDIC insured up to $250,000

*Consult your tax advisor.

Eligibility

Eligible individuals covered under high-deductible health plans may open an HSA and use the money tax-free (including earnings) to pay for qualified medical expenses.

To be eligible:

  • You must be covered by a high deductible health plan (HDHP) on the first day of a month to qualify for eligibility for that month
  • You must have a minimum deductible of $1,250 for individuals or $2,500 for families.
  • Your annual out-of-pocket expenses (including deductibles and co-pays) cannot exceed $6,350 for individuals or $12,700 for families.
  • Maximum contribution cannot exceed $3,300 for individuals and $6,550 for families.
  • A person age 55 or older may make an additional $1,000 in "catch-up" contributions.
  • You cannot be covered by any other health plan that is not an HDHP.
  • You cannot be enrolled in Medicare.
  • You cannot be claimed as a dependent on someone else's tax return.

There are no eligibility restrictions regarding income level and there is no requirement of earned income to make contributions.