Health Savings Account (HSA)
A lot factors into what makes a great employee — and one of those factors is their health. Help your employees stay healthy and pay for medical expenses by offering health savings accounts (HSAs). These tax-advantaged* accounts can be contributed to by both you and your employee. And offering it as a benefit gives one more reason for your employees to love you.
- Help employees prepare for qualified medical expenses
- Earn interest above standard savings on entire balance
- Receive higher rates on larger deposits
- An HSA provides triple tax savings:
- Tax deductions when you contribute to your account
- Tax-free earnings through investment
- Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
- Contributions are tax-free and can be made by you, your employer, or a third party
- Funds can be withdrawn at any time**
- Avoid the $2 monthly maintenance fee by maintaining a $1,000 minimum daily balance
- Unused funds remain in account year after year; no "use it or lose it" policy
- Keep your HSA in your name, regardless of career or life changes
- $100 minimum deposit to open
- $2,500 minimum opening deposit required to avoid the account set-up fee
*Consult a tax advisor.
**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.
Closing and NSF fees apply. Fees may reduce earnings on the account.