Health Savings Accounts - Businesses  | Telephone BankingHealth Savings Accounts

Health Savings Account (HSA) and High Deductible Health Plans could combine to provide a lower-cost insurance option for your employees. If and when you’re ready to introduce them to your team, let us help.

An HSA is a tax-exempt account established exclusively for paying qualified medical expenses. There are many reasons why offering HSAs may be a smart move for you as an employer:

  • May provide a lower-cost healthcare insurance option for employees.
  • Contributions to employees’ HSAs are not reported as employee income, which could benefit you from a tax standpoint.
  • This is not a “use it or lose it” type of account. Your employees may accumulate unused balance and interest without limit and access the funds in subsequent years.
  • Your employees can manage and monitor their HSAs with a local, hometown bank that they already know and trust.

A First Southern HSA:

  • Earns interest regardless of balance
  • Comes with a free Visa debit card with an unlimited number of transactions
  • No annual fee or monthly maintenance fee
  • Free online banking and bill pay
  • Free telephone banking

How we can help:

  • We’ll help make sure your employees have answers to their questions.
  • We’ll provide account information and applications.
  • We can also talk about how your employees can get a personal, interest-bearing, no monthly service charge checking account along with their HSA.
  • If you are planning to make contributions to your employees’ HSA accounts, we’ll get consent to provide you with a list of the HSA numbers and we’ll talk with you about options for electronic banking to make those contributions.
  • We’ll open all the employee HSAs and send them a Visa HSA debit card.

Common questions for businesses:

Why do HSAs have lower administrative costs for me as an employer? | Read More >

What is the tax treatment for employee contributions? | Read More >

What if I make contributions as the employer? | Read More >

Does my business structure affect contributions? | Read More >

Can you help with group enrollment? | Read More >