High-Deductible Insurance

Health Savings Account

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

Features

  1. This account supports a high-deductible health insurance plan and must be used in conjunction with a high-deductible health insurance plan
  2. The deductible and the contribution amount change annually and are tied to the inflation rate
  3. Like an IRA, Health Savings Account contributions can be made until April 15 of the following year
  4. HSAs can have only one owner but multiple beneficiaries.
  5. Monthly service charge: $3
  6. Other fees on disclosure: $5 set-up fee, $25 account closure, $20 excess contribution refund fee**
  7. Interest earned is tied to the FHLB rate adjusted on the first day of each month
  8. If you have a co-pay, the insurance does not qualify as a high-deductible health plan
*For further information please refer to IRS Publication 502 for information on Eligible HSA Expenses and IRS Publication 969 for General HSA Information, or consult your tax advisor.
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**For IRS Contribution Limits, please refer to IRS Publication 969.