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HSA AdminstrationHealth Savings Accounts (HSA) are offered in conjunction with a high deductible major medical plan. Individuals may contribute up to $ $3,050 or up to $6150 for families each year. These contributions can be used to cover the high deductible, any co-payments and services not covered through the health plan. Premiums for long term care coverage are also qualified expenses. If the employer offers a cafeteria plan, contributions can be made through that plan and are pre-tax transactions.Unlike flexible spending plans where contributions not used within a year are lost, the balance in an HSA can be rolled over for future use. Distributions are also tax free but penalties apply if funds are withdrawn for purposes other than healthcare expenses. The account holder determines the type of account and can even invest in mutual funds for added growth. An HSA belongs to the employee so it moves with him if he changes employment. Please click here for a full HSA FAQ. We offer HSA banking solutions in two ways:
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