Health Savings Accounts
If your business helps cover health insurance premiums for employees, you may be able to save money by switching to a plan with a high deductible – more than $1,200 per individual or $2,400 per family. Since high deductible plans have lower premiums, your business saves money. Some of those savings can then be used to help employees cover their higher deductibles by making contributions to individual employee Health Savings Accounts (HSAs).
HSAs offer individuals a way to pay for qualified medical expenses with tax-free money. Annual HSA contributions are tax deductible up to $3,100 for individuals and $6,250 for families. Accumulated earnings are tax exempt, and all distributions are tax exempt when used to pay for qualified medical expenses.
The HSA is owned by the individual. Balances in the account may accumulate and roll over from year to year, continuing to earn interest on a tax-deferred basis. When an individual changes jobs or retires, the account moves with him or her.
The Marine Bank Health Savings Account offers the efficiency and security of a trusted local custodian, as well as:
- No minimum balance requirement
- No set-up fee
- No annual maintenance fees
- Interest-bearing account
- HSA checks and debit cards
- Employer- or individual-directed contributions by electronic transfer
Download the HSA Brochure
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