Northeast Health Savings Account (HSA)

Northeast Health Savings Account (HSA)

Summary

Provide your employees with a way to pay for medical expenses using pre-tax dollars. Give them the option to open a health savings account.

There are no setup or annual fees. And the money is theirs to roll over. They can use the money whenever necessary, whether three months or thirty years from now.


Details:

  • Offer your employees a tax-advantaged way to pay for healthcare
  • Employees must be enrolled in a high deductible health insurance plan
  • Use pre-tax dollars to pay for qualified medical expenses, including:
  • Doctor visits
  • Prescription medications
  • Over the counter medications
  • Surgeries and operations
  • Earn competitive interest on entire balance
  • No minimum opening deposit required
  • Minimum balance of $1000 required to avoid $5 quarterly basic fee
  • No setup or annual fees
  • Account money rolls over year-to-year
  • No "use it or lose it" policy
  • HSA is owned by your employees
  • FDIC insured

Eligibility

  • Must be covered under a qualified, high deductible health plan
  • Cannot be claimed as a dependent on another person's tax return
  • Cannot be enrolled in Medicare
  • Contribution limits are set by the IRS
  • 2013 contribution limits are:
  • $3,250 for a single person
  • $6,450 for a family
  • A person age 55 or older may make an additional $1,000 in "catch-up" contributions

See Current Rates

*Consult your tax advisor.