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Health Savings Account (HSA)

Everybody wins with Health Savings Accounts (HSA). It saves businesses money and greatly reduces administrative burdens. At the same time it provides employees with exceptional tax savings and more control over their healthcare costs.

An HSA plan is an excellent alternative for every size business and self-employed professionals. The Ohio State Bank makes HSAs easy to start and lucrative to maintain.

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Summary

  • • Affordable healthcare coverage
  • • Benefits both employers and employees
  • • Reduce administrative time and costs
  • • Contribute to HSA with pre-tax dollars, effectively lowering your payroll and taxes you pay
  • • Provides benefit to attract employees
  • • Helps create happier employees and retention
  • • Employees own and administer their own account
  •        • No monthly service fee*
  •        • $10 minimum deposit to open
  •        • Tax-free contributions;** tax-free interest earnings
  •        • Tax-free withdrawals when used for qualified medical expenses***
  •        • $1,000 minimum to earn interest
  •        • Tiered rate structure; higher rates for larger balances
  •        • Easy access, including free Visa® debit card
  •        • No "use it or lose it rule"

*A monthly dormant fee of $8 will be charged if there is there is both no activity after one year and the balance is below $500.
**If contributions are made after income was taxed, the amount deposited is tax deductible.
***Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.


A Better Option


More Cost Effective Than a Corporate Coverage Plan
An HSA requires a high deductible health plan (HDHP) that reduces what employees pay in health insurance premiums and provides tax savings. There is a higher deductible to be met. But the reduced premium and tax savings mean larger paychecks for employees; the difference can be auto-saved into the HSA to cover the higher deductible. Once the deductible is met, an HDHP typically pays for 100% of covered medical costs.
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.

More Flexible Than Flexible 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 a Flexible Spending Account (FSA), there are no "use-it-or-lose it" rules. An HSA 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!