Employee Health Savings Account
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Healthcare costs are on the rise making it a challenge to provide an attractive benefit package to your employees. A Health Savings Account (HSA) from Iowa State Savings Bank combined with a High Deductible Health Plan from your insurance provider can reduce healthcare costs, and provide a tax-advantaged, lifetime medical savings account for your employees.
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HSA Benefits:
- No set up fee
- No monthly maintenance fee
- Tiered interest rates to reward higher balances
- Free debit card
- Free online statements
- Free online and mobile banking access
- No minimum opening balance
How to get started:
- Contact your insurance provider about an HSA-qualifying High Deductible Health Plan.
- Once you offer a High Deductible Health Plan, then your employees can open an HSA with us.
- Determine if you will be contributing to your employees' HSAs. Direct deposit is available.
- Employees visit an Iowa State Savings Bank location or call 641-782-1000 to set-up their accounts.
Benefits of HSA for your business
Affordable:
You can reduce your insurance premiums by switching to a HSA-qualified high deductible health plan.
Simple:
ISSB works directly with your employees to set-up and manage their HSA accounts, ensuring a smooth transition and seamless administration.
Flexible:
Contributions can be made by the employer and the employee. Employers can choose how much and how often they contribute to their employees' HSA accounts.
Value-Added:
HSAs provide added value to your benefits package by giving employees control over their health care decisions and a lifetime medical savings plan.
Tax-Savings:
Contributions to a HSA are deductible as a business operating expense. Please consult with your tax advisor for details.
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Benefits of HSA for your employees
Long-Term Value:
HSA funds roll over from year to year and always belong to the employee, growing tax deferred. Funds can be used for medical expenses and at the age of 65 can be withdrawn penalty free for any reason.
Convenient:
An Iowa State Savings Bank debit card can be used to pay medical expenses at the point of service. Employees can take advantage of direct deposit to add money to their HSA accounts.
Control:
HSAs put medical decisions in employees' hands. Employees can also decide how much and when they want to contribute to their HSA accounts.
Tax-Savings:
HSA deposits are tax deductible and can be used to pay for medical expenses at any time. We recommend that employees consult with a tax advisor for details.
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Contact us to learn more.