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Health Savings Account - It's a checking account.
Pay for your family's medical and health expenses with money that earns interest, tax deferred with contributions that are excluded from income. If you are covered under a high deductible health plan, you would be eligible to open a Health Savings Account. This interest-bearing checking account has tiered rates and is used to pay qualified* health expenses. Unused contributions carry from year to year, and your account is portable.
HSA and Your Employees
Health Savings Accounts provide a tax deduction for employers who contribute to their employees' accounts. Known to attract or retain employees by expanding employee benefits, an HSA can lower overall health insurance costs by switching to the less costly high deductible health plans.
HSA Requirements and Fees
Minimum Opening Balance = $10
Minimum Daily Balance to avoid Minimum Balance Fee = $1,000**
Minimum Balance Fee = $2.50
Minimum Balance to Obtain APY = 1st tier ($100); 2nd tier ($1,000); 3rd tier ($5,000)
APY = Annual Percentage Yield
* Consult a tax advisor for a list of qualified medical expenses. For qualifying customers only.
** A Minimum Balance Fee will be imposed every statement period if the daily balance in the account falls below the minimum daily balance any day of the statement period. Service charges may reduce earnings.
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