Business Health Savings Account (HSA)

Details for Employees

• Greater personal control over healthcare management and expenses
• Prepare for qualified medical expenses
• Earn competitive interest
• Avoid the $3 monthly service charge with a daily balance of $3,000 or more
• One-time setup fee of only $10 (waived with company group enrollments)
• An HSA provides triple tax savings¹:
  • Tax deductions when you contribute to your account
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more¹
• Contributions can be made by you, your employer, or a third party
• Unused funds remain in account year after year; no "use it or lose it" policy
• Keep your HSA, regardless of career or life changes
• Free business digital banking, including:
  • Online banking
  • Mobile banking
  • eStatements
• $100 minimum deposit to open²

Please contact us for current rates.

¹Consult your tax advisor.

²All new accounts are subject to a $10.00 early closure fee if the account is closed within 180 days of opening the account.

Details for Employers

• Provide a great benefit to employees
• Helps retain and attract good employees
• Contributions are tax deductible¹

¹Consult your tax advisor.

Eligibility

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.

2024 HDHP Limits

• Minimum annual deductible $1,600 (individual) and $3,200 (family)
• Maximum annual deductible plus out-of-pocket expenses $8,050 (individual) and $16,100 (family)
• 2024 HSA Contribution Limits: (2024 contributions can be made until April 15, 2025):
• $4,150 (individual) $5,150 if age 55 or older¹
• $8,300 (family) $9,300 if age 55 or older¹

2023 HDHP Limits

• Minimum annual deductible $1,500 (individual) and $3,000 (family)
• Maximum annual deductible plus out-of-pocket expenses $7,500 (individual) and $15,000 (family)
• 2023 HSA Contribution Limits: (2023 contributions can be made until April 15, 2024):
• $3,850 (individual) $4,850 if age 55 or older¹
• $7,750 (family) $8,750 if age 55 or older¹

¹Catch up contributions up to $1,000 allowed if age 55 by the end of the year.