Health Savings Accounts
A Health Savings Account (HSA) is a tax-advantaged way for you and your employees to save and pay for healthcare. With a Bank of Advance HSA, your employees can access HSA funds to pay for “qualified medical expenses” which includes most medical, dental and vision care.
- Contributions to employees’ HSAs are generally tax-deductible
- Accounts are completely portable – Your employees keep their HSA even if they change jobs, medical coverage, marital status or move to another state
- Your employees earn interest at a competitive rate
- Your employees are offered a Bank of Advance HSA debit card that makes it easy for them to pay for qualified medical expenses
- Your employees have online access to account transactions in order to easily monitor their medical spending
There are certain eligibility requirements by the IRS to open and maintain HSA accounts. You can visit the Department of Treasury’s website for additional information on Health Savings Accounts.