Business Health Savings Accounts

Offering HSAs to your team can pay off for everyone.

 
After all, a healthy employee is likely to be a more productive employee.
Laptop with charts and graphs on the screen.
Expand your benefit package without any added expense.






A strong benefits package is a big selling point when your business is trying to attract and keep top workers. Health Savings Accounts can be a valuable part of that package. There's no cost to employers - you simply withhold a portion of each salary and direct it to tax-advantaged accounts that employees can access for health-care costs. First National Bank representatives will be glad to explain how everything works and to help your team get started.
 
  • HSAs are designed for individuals and families with high-deductible medical plans
  • Individuals may contribute up to $4,300 annually to their HSA. The limit for families is $8,550.
  • Contributions can come from pre-tax employer withholdings. All annual interest income is tax-exempt and all qualified withdrawals are tax-free
  • Funds may be used for a wide range of hospital, doctor, dental, vision and mental health care, as well as for prescription medication
  • Competitive interest earnings with no monthly maintenance fees
  • Open account with as little as $100
  • Free HSA Mastercard debit card to pay for medical expenses
  • Any contributions not used in one year can be carried over to the next year
  • Unlike employer-sponsored health plans, you keep your HSA is you lose your job or change employers


Business owner in front of their computer.

Qualification guidelines

 
To qualify for a a Health Savings Account, your employees must be covered under an HSA-eligible high deductible health plan (HDHP). Additionally:
 
  • They cannot be covered by another health plan
  • They cannot be enrolled in Medicare
  • They cannot be eligible to be claimed as a dependent on another person’s tax return








The following applies to all interest bearing accounts listed on this schedule of fees and services. The interest rate and Annual Percentage Yield (APY) are subject to change weekly.

  • Balance Computation Method: We use the daily balance method to calculate the interest on your account. This method applies the daily periodic rate to the principal in the account on each day. Interest is paid (credited) and compounded monthly, except for Regular Savings which is paid (credited) and compounded quarterly.
  • Accrual: Interest begins to accrue no later than the day we receive full credit for the deposit of non-cash items (for example checks)
  • All interest bearing accounts are variable rate accounts. We may change the rate at our discretion.
  • If you close your account before interest is credited, you will receive interest only if you notify us at the time of closing. If you do not tell us you are closing your account you will not receive your accrued interest.
  • Effect of Fees: fees may reduce earnings.