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Health Savings Accounts
What is a Health Savings Account (HSA)?
HSA’s are tax-exempt accounts where funds grow to pay for medical expenses. HSAs are individually owned and offered in conjunction with a high-deductible health insurance plan. Funds placed into an HSA are taken from pre-tax income dollars and roll-over from year to year, so they can be used to cover both current and future health care expenses.
What is a High Deductible Health Plan (HDHP)?
In order to open an HSA, you must have a qualified High Deductible Health Plan. The IRS determines the guidelines for qualified HDHPs. The current IRS guidelines are:
HSA information for Employers:
Select Bank assists you in providing added value to your employees at no cost.
No employer fees: No fees to employers who offer Select Bank’s HSA’s to their employees.
Employee education: We will answer questions and handle all the necessary paperwork to open your employee’s accounts. We conveniently come to you on your schedule to open accounts for your employees at your location. Select Bank will keep your employees informed with the proper year-end reporting information they will need to complete their taxes.
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