Health Savings Account (HSA) Administration

HSAS EMPOWER SAVINGS NOW AND FOR THE FUTURE

Employees covered under a High Deductible Health Plan (HDHP) are eligible to participate in an HSA — a tax-advantaged savings and investment vehicle that offers three separate tax benefits: 1) Contributions are pre-tax 2) Withdrawals for qualified expenses are tax-free, and 3) Earned interest on investment funds is tax-free.

Benefits

  • Employees save on federal and state income tax, along with FICA and Medicare taxes on contributions made through a Flex plan
  • Unspent balances remain in your account and rollover to the following year
  • You may withdraw funds from your account for any eligible expense incurred on or after the opening of the account
  • The account is employee owned, which means the HSA will go with you to a new job, into retirement, etc.

Eligibility

Eligible individuals must be:

  • Covered by a High Deductible Health Plan (HDHP).
  • Not covered by other (non-high deductible) health insurance.*
  • Not currently receiving Medicare benefits.
  • Not claimed as a dependent on someone else’s tax return.

Let us exceed your expectations. Contact Nicholle Peterson at (320) 214-2921 to learn more.

*Ineligible coverage types are: personal non-high deductible plans, group non-high deductible plans, VEBAs, Full Medical Flex Spending Plans, Minnesota Care, Medicaid, VA Medical Benefits , Tricare, and some HRAs.

 

Resources

View All Health Savings Account Plans Resources