Create a healthy company culture in more ways than one. Our health savings accounts help your employees cover medical expenses — and help you earn their respect.
Interest above standard savings1 and tax advantages2 build employee balances, relieving stress from the recovery process. Boost their budgets — and morale — by making tax-deductible contributions. Our account can follow employees wherever they go, but after all this good will, we doubt they’ll want to work anywhere else.
An eligible individual who is age 55 or older may make additional HSA contributions (called catch-up contributions) up to $1,000 annually and may continue to make catch-up contributions until enrolled in Medicare
You may contribute to your HSA until the tax return due date which is typically April 15th.
HSA distributions not used for qualified medical expenses are subject to ordinary income tax and if taken before age 65, a 20% IRS penalty tax could result if not used for qualified expenses.
Funds held in an HSA account may be used for qualified medical expenses as defined in United States tax law. These expenses include the majority of medical, vision, or dental expenses. Additionally, although HSA account balances cannot be used to pay health insurance premiums, they may be available to be used to pay qualified long-term care premiums after age 65.
Please be aware that any funds withdrawn from an HSA account that are not used for qualified medical, vision, or dental purposes are typically subject to ordinary income tax. If taken before age 65 they are also subject to a 20% IRS penalty unless due to a disability or death.
1BALANCE COMPUTATION METHOD: APY=Annual Percentage Yield. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day. The daily balance that we use when calculating interest is the collected balance. That means we only include those funds for which we have actually received payment when we determine the balance on which interest is paid. Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
2 When used for qualified medical expenses. Consult a tax advisor. Qualified expenses include most medical care and services, dental and vision care, weight loss programs, some over the counter medications, mileage, and more.
3You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.