Health Savings Account
We are pleased to assist you in implementing your HSA program timely and effectively. We can arrange our HSA experts to answer your employees' questions and handle the paperwork for you.
There is no cost to you to offer HSAs to your employees through Merchants Bank.
When you turn to Merchants Bank to offer Health Saving Accounts (HSAs) for your employees, you give employees a way to earn tax-free dollars on account contributions made by you, your employees, and any other person on their behalf. These contributions help your employees pay for qualified medical expenses on a tax-free basis.
HSA Resources - Click here to learn more about Merchants Bank & Trust’s Health Savings Accounts, or click the subjects below.
- By providing employees an easy way to apply for a tax-advantaged HSA from MBT you can help them gain more control over how their health care dollars are spent. Coupled with an HSA-eligible health insurance plan, this health care savings option may help you attract and retain valued employees.
- Since unused HSA funs roll over from year to year, you are providing an incentive for employees to use health care services wisely, which may save you money and help to lower your insurance premiums.
- The contributions your company may choose to make to employees' HSA accounts are generally tax-deductible. (Consult with your company's tax and legal advisors.)
How your employees can save
- HSA contributions may be tax-deductible on your employees' federal income tax return, and, in most cases, on their state income tax return. (Employer contributions and employees' pre-tax contributions through payroll deduction do not qualify. Your employees should consult with their personal tax and legal advisors).
- Employees can earn tax-free interest on HSA contributions and use that money to pay for qualified medical expenses.
- Withdrawals from the HSA are tax free if used for qualified medical expenses.
- Unlike Flexible Spending Accounts, HSAs have no "use it or lose it" requirement and can also stay with employees when they change jobs or retire.
Employees are in control
- When your employees open an account, they're issued a Merchants Bank Visa® debit card that makes it easy for them to pay for qualified medical expenses.
- They have online access to account transactions, so keeping tabs on their medical spending is easy.
How employees can use their savings
- Standard medical services such as office visits and annual medical physicals.
- Prescriptions, some-over-the-counter medicines, and health care products.
- Preventive and restorative dental care, as well as orthodontia for children and adults.
- Eyeglasses, contact lenses and laser eye surgery.
To learn more about how Merchants Bank can help you, please contact our Health Savings Account expert, Erika Newport-Hill, at (812) 637-3232 or (513) 202-5788.