Here’s a cost-effective solution to skyrocketing health insurance costs for you and your employees. Our Health Savings Account (HSA) supports a high-deductible health savings plan* that typically costs you less than HMOs or PPOs.
Work with experienced Peoples Bankers who understand HSAs
Convenient Peoples Bank debit card
Electronic e-Statements including images
In most circumstances, employees pay less in taxes as contributions are made with pre-tax dollars (similar to an IRA or 401k)
As an employer, you pay less in premiums and save tax dollars
This account supports a high-deductible health insurance plan and must be used in conjunction with a high-deductible health insurance plan
The deductible and the contribution amount change annually and are tied to the inflation rate
Like an IRA, Health Savings Account contributions can be made until April 15 of the following year
HSAs can have only one owner but multiple beneficiaries.
Monthly service charge: $3
Other fees on disclosure: $5 set-up fee, $25 account closure, $20 excess contribution refund fee**
Interest earned is tied to the FHLB rate adjusted on the first day of each month
If you have a co-pay, the insurance does not qualify as a high-deductible health plan