An HSA is a tax-advantaged account designed to help account holders pay for qualified medical expenses now and in the future. Used in conjunction with a High Deductible Health Plan (HDHP), the account offers several financial advantages.
Benefits to Employers
Employers can save on health insurance by adopting a High Deductible Health Plan combined with an HSA. The bottom line result:
- Lower premiums for the employee health care plan
- A reduction in payroll taxes – all contributions to the HSA are pre-tax, thus lowering the gross payroll
Benefits to Individuals
Individuals gain flexibility in managing their health and their money through:
- Tax-deductible contributions,
- Tax-free earnings on the HSA,
- Tax-free withdrawals from the HSA for qualified medical expenses, and
- Accumulation of HSA funds and earnings that roll over year to year
BankWest Health Savings Account Features
This is a tax-advantaged account designed for paying qualified out-of-pocket medical expenses in conjunction with a high-deductible health care plan.
Benefits:
- Funds in the account can be rolled over year after year
- Tax-free earnings*
- Tax-deductible contributions*
- Tax-free withdrawals*
Statement Options - Safekept or e-Statement
Interest Earning - Yes, interest earned varies by account balance. Contact BankWest for current rate information.
Minimum to Open Account - None
Minimum to Waive Monthly Fee - None
Account Access
- Unlimited check writing
- Free BankWest HSA debit card
Additional Information
- $15 setup fee
- $15 annual fee
- $30 account closing/transfer fee
- Subject to checking account fees and disclosures
* When used within IRS regulations regarding Health Savings Accounts. Consult your tax advisor for details.
For more information on Health Savings Accounts, please visit:
http://www.treas.gov/offices/public-affairs/hsa
http://www.irs.gov/pub/irs-pdf/969.pdf
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