Health Savings Account
Health Savings Accounts For Your Employees
If you’re considering switching to a high-deductible health insurance plan for your employees, you may want to pair it with a Health Savings Account. A Health Savings Account is a tax-favored account designed for use with a high deductible health plan. It is used to pay for current and future medical expenses. To qualify, the health plan for an individual must have an annual deductible of at least $1,150 in 2009 and $1,200 in 2010. A plan for family coverage is considered high-deductible if it has an annual deductible of $2,300 for 2009 and $2,400 for 2010. Out-of-pocket expenses for 2009 may not exceed $5,800 for individual coverage and $11,600 for family coverage. Out of pocket expenses include deductible, co-payments, etc. For 2010, out of pocket expenses cannot exceed $5,950 for individual or $11,900 for family.
In addition, Health Savings Accounts can help finance retiree health care. Unused deposits roll over each year and grow tax-deferred through investment earnings, much like an individual retirement account. And, a Health Savings Account is owned by the individual that opens the account, not the company.
How It Works:
- Open an Health Savings Checking Account
- Make tax-free contributions
- Access the money to pay for medical expenses with a free debit card or paper checks*
Our Account Offers:
- Competitive tiered interest rates
- Free debit card
- No monthly fee if balance is above $5,000
- Direct deposit available
- $15 set-up fee
- It’s easy to set up automatic contributions using our simple form.
Open your account today:
Contact a Heritage Bank commercial banker at a location near you.
*Checks available at normal rates. Set up fee subject to change. We recommend that HSA applicants and/or employers contact qualified tax or legal counsel before establishing (or contributing to) Health Savings Account.
