BUSINESS BANKING >> H.S.A.
What is a Heath Savings Account (HSA)? 
A Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current  health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. 
 
HSA: A Small Business Health Care Alternative 
Health care premiums are facing continued growth while many small business owners prepare this year’s budget. HSA or health savings accounts, provides new avenues for reducing current healthcare costs. 
 
Benefits of an HSA 
  • used in combination with a high-deductible health plan.
  • contributions are not includible in gross income – they are tax-free.
  • help employees become better health care consumers.
  • payouts for qualified medical expenses are tax-free.
  • savings are owned by the individual and can move from employer to employer.
  • can "roll over" year-to-year to create a sizable retirement nest egg.
  • accumulated interest and dividends are tax-free or tax-deferred.
  • contributions by employers are exempt from payroll taxes.
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    An HSA is particularly well situated to help small firms without medical plans to offer to their employees. An HSA is a form of tax-deferred retirement accounts that can be more easily drawn upon for emergencies than their IRA counterparts. Learn how an HSA can benefit your small business, give us a call today! 
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