Add an attractive offering to your benefits plan by providing your employees with a Health Savings Account (HSA) with tax-free savings to cover their healthcare expenses. They receive convenient access to HSA funds through debit cards and online banking. Contributions to the HSA can be made through direct deposit or check deposit. City Bank handles the tax reporting for participants, so your company needs to invest only minimal administrative time.
The tax-exempt advantage of a Health Savings Account
A Health Savings Account is a tax-exempt account used in conjunction with an HSA-compatible health plan to pay or reimburse qualified medical expenses. This tax-exempt trust or custodial account covers qualified medical expenses for your employees and their eligible family members. Funds contributed to the account are not subject to income tax and may be used to pay for qualified health care anytime, without tax liability.
Account Features
- Balances automatically roll over from year to year
- Pay for expenses just as you would from any checking account
- Contribute up to $3,5501 for individual coverage and $7,1001 for family coverage
- Absolutely no maintenance fee
- Individuals age 55 and older and have not enrolled in Medicare can make catch-up contributions of $1,0001
