Healthcare costs are on the rise making it a challenge to provide an attractive benefit package to your employees. A Health Savings Account (HSA) from United Bank & Trust combined with a High Deductible Health Plan from your insurance provider can reduce healthcare costs, and provide a tax-advantaged, lifetime medical savings account for your employees.
- No set up fee
- $2.00 monthly maintenance fee
- Interest earned monthly with a tiered Rate
- Free debit card
- Free online banking
- Minimum opening balance $50
How to get 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 United Bank & Trust representative.
- Employees visit a United Bank & Trust location and set-up their accounts or apply online.
Benefits of HSA for your business
You can reduce your insurance premiums by switching to a HSA-qualified high deductible health plan.
United Bank & Trust works directly with your employees to set-up and manage their HSA accounts, ensuring a smooth transition and seamless administration.
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.
HSAs provide added value to your benefits package by giving employees control over their health care decisions and a lifetime medical savings plan.
Contributions to a HSA are deductible as a business operating expense. Please consult with your tax advisor for details.
Benefits of HSA for your employees
Funds roll over from year to year and always belong to the employee, growing tax deferred. No "use it or lose it" rules. The Employee's money stays in their account and accumulates over time.
Employees pay medical expenses at the time of service by using a debit card, or writing a check drawn from their HSA checking account. Contributions may be made to their account through direct deposit.
HSA's gives employees greater freedom when making healthcare choices. They decide when to make a contribution, and when to spend the funds. They are the owner of the account.
Deposits are tax deductible and can be used to pay for medical expenses at any time.