Benefits for Businesses > HSAs

Offer HSAs as a benefit option to your valued employees.

Want to do something about rising healthcare costs? Choice Bank has Health Savings Account holders in all 50 states and our experienced team is ready to help you and your employees.

Meet with our HSA Team

 

How HSAs Work

When combined with a qualified High Deductible Health Plan (HDHP), a Choice HSA is an attractive option for your employees and your business. We have HSA account holders in all 50 states, and we’ve offered them for over 10 years. Your employees establish an HSA to pay for eligible out of pocket medical, dental, and vision expenses.

Contributions can be made by the employers, employee, or any third party on behalf of the account holder.

Contribution maximums are set by the IRS each year and are not limited by your health plan’s deductible amount.

Catch-up contributions are available to an individual and their spouse who have reached the age of 55 and are not enrolled in Medicare.

Payroll deduction offers immediate tax savings to both the employee and employer.

Are my employees eligible?

Your employees are eligible for an HSA if they are:

  • Covered under a qualified High Deductible Health Plan (HDHP).
  • Not covered under any other health plan other than a HDHP.
  • Not enrolled in Medicare (typically age 65).
  • Not claimed as a dependent on someone else’s tax return.
Triple Tax Savings

If your employees are eligible, an HSA can provide significant tax benefits. We often refer to them as “triple tax savings”:

  1. Tax-Deductible Contributions: Contribute up to the IRS maximum, and enjoy tax savings in an account that exclusively covers eligible medical expenses. HSAs cover the person who establishes the account and dependents covered under the High Deductible Health Plan.
  2. Tax-Deferred Growth: Their HSA funds grow without being subject to taxes, unless they use them for non-eligible medical expenses.
  3. Tax-Free Withdrawals: Employee funds may be withdrawn tax-free, as long as they use them for eligible medical expenses (PDF). Like many retirement accounts, funds roll over from year to year with no “use it or lose it” rules. If the employee waits until after age 65, their funds may be used tax-free for eligible medical expenses, or at their normal tax rate for other purposes.
Meet with our HSA Team

Choice HSA

Choice HSA Benefits
Fees

A Choice HSA offers competitive product features, benefits, and rates. Regardless of your balance, you receive:

  • Interest earned on every dollar.1,2
  • Mobile Banking App with card controls.3
  • Debit Card with unlimited point-of-sale transactions.
  • Access to over 32,000 fee-free ATMs with MoneyPass.4
  • Checks (price varies by order).
  • Online Banking and Bill Pay.
  • Monthly eStatements for viewing transactions ($2 monthly fee for paper statements).
  • Enhanced investment options with our partner, Devenir, a leader in investment solutions for employee health benefit services.6

1 Interest is compounded and credited monthly. 2 Interest begins to accrue no later than the business day we receive credit for the deposit on non-cash items (for example: checks). Rates subject to change at any time. 3 Fee may be assessed by your Mobile Service Provider. 4 You may be charged a foreign ATM fee. 5 A monthly service charge of $2.50 will apply, waived on daily minimum balances over $3,000.

6 Investment Products are: NOT A DEPOSIT * NOT FDIC INSURED * NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY * NOT GUARANTEED BY THE BANK * MAY GO DOWN IN VALUE

Fee Schedule

  • $2.50/month=daily minimum balances
    $0-$2,999
  • No fee=daily minimum balances
    $3,000+

A monthly service charge of $2.50 will apply, waived on daily minimum balances over $3,000.

HSA Help Team

(866) 702-9033

EMAIL OUR HSA TEAM

 

8:00AM – 6:00PM CST | Monday – Friday

Resources

Contribution Limits
How to Contribute
HSA Forms

The IRS sets annual limits for deductibles, out-of-pocket expenses and contributions. Here are the 2018 and 2019 limits for single and family plans:

2019 Limits

  • Minimum Deductible:
    Single: $1,350  Family: $2,700
  • Maximum Out-of-Pocket Expenses:
    Single: $6,750  Family: $13,500
  • Maximum Contribution:
    Single: $3,500  Family: $7,000
  • Catch-Up Contribution (55+) 2010 and thereafter:
    Single: $1,000  Family: $1,000

2020 Limits

  • Minimum Deductible:
    Single: $1,400  Family: $2,800
  • Maximum Out-of-Pocket Expenses:
    Single: $6,900  Family: $13,800
  • Maximum Contribution:
    Single: $3,550  Family: $7,100
  • Catch-Up Contribution (55+) 2010 and thereafter:
    Single: $1,000  Family: $1,000

Contributions to your employees’ Health Savings Accounts can be made in several ways, including:

Payroll Deductions

Contribute to your employees’ HSAs through an employer-sponsored plan such as a Section 125 Cafeteria Plan.

ACH

Contribute to your employees’ HSAs using Easy Choice ACH. Complete the Easy Choice ACH worksheet and forward to hsa@bankwithchoice.com.

Check or Money Order

Contributions can be made to HSAs by sending Choice Bank a check or money order. To ensure timely and accurate processing, please include a completed Employee Contribution Spreadsheet.

Wire Instructions

Follow the instructions for wire transfer below:

Wire Instructions 
Name:Choice Financial Group
Routing #:091302966
Account #:Your HSA Account Number
Credit:Customer Name and Account Number
Attention:Operations Team
Wire Cut-off Time:2:30PM Central Time
Wire Fee for Incoming:$10
Wire Fee for Outgoing:$30
HSA Forms 
Eligible Medical Expenses ›2020 Quick Reference Guide ›
Employee Departure Form ›Information Change Form ›
Transfer Request Form ›Withdrawal Request Form ›
Application for Employees ›Closing Request Form ›
Contribution Form ›EasyChoice ACH Worksheet ›

Meet with a Choice HSA Representative!

Our team of HSA experts is ready to help you and your employees. Give us a few details below and we will be in touch shortly.

As a Health Savings Account (HSA) Administrator, we are not certified in giving tax advice, determining the eligibility of insurance or advising customers on how to pay out their HSA dollars. If you have a question on the eligibility of your insurance, contact your health insurance provider. If you question the eligibility of an expense, please refer to IRS Publication 502 on the IRS website.