Business Health Savings Account
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Healthcare costs are on the rise making it a challenge to provide an attractive benefits package to your employees. A Health Savings Account (HSA) from Reliance State Bank combined with a High-Deductible Healthcare Plan from your insurance provider can reduce healthcare costs, and provide a tax-advantaged, medical savings account for your employees.
Reliance State Bank HSA Features
- $5.00 Annual Fee each May 1st
- No Monthly Maintenance Fee
- Interest earned Monthly with a Tiered Rate
- Free Debit Card
- Free Online Statements
- Free Online Access
- Minimum Opening Balance $100
Getting Started
- Contact your insurance provider about a HSA-qualifying High Deductible Health Plan.
- Determine if you will be contributing to your employees' HSAs. Direct deposit is available.
- Arrange an orientation session for your employees with a Reliance State Bank HSA expert.
- Employees visit a Reliance State Bank location to set-up their accounts.
Benefits of HSA for your business
Affordable:
You might be able to reduce your insurance premiums by switching to a HSA-qualified High Deductible Health Plan.
Simple:
Reliance State Bank 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 Funds can be used for qualified medical expenses and at the age of 65 may be withdrawn penalty free.
Convenient:
A Reliance State 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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Contribution Limits
| HSA Type |
2022 |
2023 |
| Single HDHP |
$3,650 |
$3,850 |
| Family HDHP |
$7,300 |
$7,750 |