Health Savings Account
HSA for Employees
A Health Savings Account (HSA) is a great option for someone with a high-deductible medical plan. With an HSA, you can set aside pre-tax money and lower your taxable income — and the interest you earn will not be taxed. Plus, as long as the distributions you make are used for qualified medical expenses (e.g., eyewear/contacts, hearing aids, dental work, copayments, medication), you can pay for those tax-free. Unlike a flexible savings account, you do not have to use the money by the end of the year.
At Resolute Bank, your health savings account will be set up as a checking account with its own account number — just swipe your Visa® Debit Card or write a check to use your funds. You can easily track your expenses through Resolute Online. Simply use the same sign-on information that you use for your other Resolute Bank accounts. It’s one less login name and password to remember! This interest-bearing account requires a minimum opening deposit of $100 and has a $3.00 monthly maintenance fee. Contact us to get started.
HSA for Employers
If you are an employer that offers a high-deductible insurance plan, we can help you set up health savings accounts (HSAs) for your employees. This is a great way to encourage your staff to set aside pre-tax funds for qualified medical expenses. The interest earned on their savings will not be taxed.
Along with creating the accounts, we can come right to your business for in-person consultations with your employees to explain health savings accounts and answer any questions. We can also set up direct deposit so that a portion of their paychecks goes straight into the HSA. Additionally, if desired, your business can make an automatic contribution. Your employees will then be able to use these funds by writing checks or using a Visa® Debit Card. Contact us to learn more.