INB offers a Health Savings Account Administrative Solution for businesses. With INB as your preferred provider, your employees have the ability to easily open their HSAs online and get direct access to experienced staff to help answer any questions they may have. This program offers a seamless experience for both the employee and employer when it comes to communication regarding automatic payroll contributions and servicing needs.
For your employees to participate, you must offer a high-deductible health insurance plan. These plans typically cost less than preferred provider or HMO medical plans. As a result, employees are encouraged to take the savings and put it toward an HSA. Then when they have medical expenses, they can use the HSA to pay them. Unlike a flexible spending account, funds in an HSA roll over and can accumulate from year to year. Over time, your employees can have a substantial, personal savings account.
- Interest bearing account (tiered on balance)
- VISA Debit Card with unlimited transactions
- No service charge or maintenance fees associated with an INB H.S.A.
- Convenient access to your account via the INB mobile app and INB online banking to monitor activity
- INB HSA does NOT lose value and is FDIC insured
- Easy set-up and experienced support available when needed
- Use pre-tax income to pay for an extensive list of eligible medical, dental, vision and prescription costs
- Must be used in conjunction with a High Deductible Health Plan (HDHP)
- Functions like a checking account, allowing you to pay for qualified healthcare expense by debit card
- Manage your account with free online banking, monthly paper statements or e-Statements, and year-end reports for tax purposes
- No minimum opening or ongoing balance requirements
- Unspent dollars automatically roll over each year
- Earn competitive interest on your account balance
- Fully portable account that isn't linked to your employment
- Tax-deductible contributions taken from pre-tax pay
- Use your funds in retirement to cover medical expenses tax-free
- Employers can contribute to the account
HSA plans can benefit you -- the employer -- as well.
- You won’t have to pay taxes on HSA contribution dollars as long as they are deducted via payroll.
- You’ll get a federal tax deduction for contributions made toward your employees’ HSAs.
- Your employees will have more responsibility for managing their health care costs.
- An HSA plan can serve as a powerful employee benefit, helping you recruit and keep top talent.
If you have questions, please call INB's HSA expert Cayla Keyes, NMLS# 662877, at 217-747-8737.