- Summary
When you combine an HSA with a qualified high deductible health insurance plan, both you and your employees gain control over rising health care costs. Both the employer and employee can make contributions to the HSA. These funds are excluded from income so your employees don't have to pay taxes on their savings. This is an ideal plan for employers who need to lower their health care expenditures.
For more information call (800) 422-3641 or email Dave Stieber at dstieber@suttonbank.com.
- Eligibility
- Must be covered by a health plan with a minimum deductible of $1,150 for individuals or $2,300 for families
- Annual out-of-pocket expenses (including deductible and co-pays) cannot exceed $5,800 for individuals or $11,600 for families
- Cannot be covered by other health insurance
- Cannot be enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
- Employer Expenses
- Minimum opening balance of $50 per account
- Free HSA check cards
- Free incoming electronic transfers
- New account set-up fee (paper applications) is $10.00 per account; electronic applications are FREE
- Tiers
Rate Tiers
- $0-$499.99
- $500-$1,999.99
- $2,000-$4,999.99
- $5,000-$14,999.99
- $15,000 and over
