An Added Benefit For Your Employees
Too often, people face unexpected healthcare expenses that eat into their savings. For business owners, this means your employees could face hardship. Even if you offer a high-deductible healthcare plan for your employees, there are still out-of-pocket expenses to pay before their deductible is met. That’s where offering your employees a health savings account (HSA) can be a valuable option. To learn more about how HSAs can serve as a valuable benefit and recruitment tool for your business, please contact our business banking team.
Health Savings Account Benefits For Employees
As an employee, you greatly benefit when you work for a business that offers an HSA. They can be used to bridge the gap before your deductible kicks in and aid you in paying for qualified medical expenses. HSA benefits include:
- Unused funds roll over year over year
- Access funds when needed
- Minimum deposit of $25
- Employer and employee can contribute to account
- Earn interest on entire account balance
- Account remains in employee’s name, regardless of career or life change
- A one-time setup fee of $25 will be imposed at account opening
Health Savings Account Benefits for Employers
Health savings accounts are a great option to improve employee recruitment and retention. Key benefits to HSAs for employers include:
- Require very little administrative maintenance
- Contributions are tax-free
- Lower costs with reduced insurance premiums