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Health Savings Accounts (HSA)
for Employers

An Affordable Healthcare Option for Employers and Tax Savings for Employees

Health Savings Accounts provide a great alternative to traditional healthcare for many small businesses and self-employed professionals. They combine health insurance with a tax-deductible savings account for the employee for qualified medical expenses.

MORE COST EFFECTIVE THAN A CORPORATE COVERAGE PLAN. An HSA requires a high deductible health plan (HDHP) of $1150 for individuals and $2300 for families (indexed annually for inflation) which enables employees to pay higher deductibles with tax-free savings and lowers the health insurance premiums on their plan.

Employers and employees can contribute to the HSA with pre-tax dollars, in effect, lowering your gross payroll and the taxes you pay.

NO ADMINISTRATIVE COSTS. The Ohio State Bank opens the accounts and issues debit cards to you and your employees for their medical expenses. The accounts are free and maintained by the individual not the company so your business professionals can spend time on other tasks.

A BETTER OPTION THAN FLEX SPENDING ACCOUNTS. A third party administrator isn't needed which will reduce costs for the company. But it is win-win for the employee, too! Unlike Flex Spending Accounts, there are no "use-it-or-lose it" rules. The account can be rolled over from year to year (growing tax-free) and after age 65 the money can be taken out for non-medical expenses without penalties!

Open Ohio State Health Savings Accounts for all your employees:

No monthly fee
Interest bearing with tiered variable blended** rates
Minimum to earn interest $1,000
Free Visa™ Debit Card
Minimum to open $10
Free online banking

INFORMATION FOR ALL HEALTH SAVINGS ACCOUNTS:

A monthly dormant fee of $8.00 will be charged if there is no activity after one year and the balance is below $500
*To be eligible, you must have a HDHP of $1200 for individuals and $2400 for families in 2010, you may not be enrolled in Medicare, you may not be claimed as a dependent on someone else's tax return. Please refer to the US Department of Treasury for specific eligibility requirements.
**The interest rate and annual percentage yield depend on the applicable rate tier. The rates for these tiers may change. Interest will be compounded daily using the average daily balance computation method and paid at statement cycle. Interest begins to accrue on the day we receive credit.

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Health Savings Accounts (HSA) for Employers

Health Savings Accounts (HSA)
for Employers