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 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 medical expenses not covered by their High Deductible Health Plan (HDHP).
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.
Are my employees eligible?
Your employees are eligible for an HSA if they are:
- Covered under a High Deductible Health Plan (HDHP).
- Not covered under any other health plan other than the HDHP.
- Not enrolled in Medicare (typically age 65).
- Not claimed as a dependent on someone else’s tax return.
Choice HSA
A Choice HSA offers competitive product features, benefits, and rates. Regardless of your balance, you receive:
- Interest earned on every dollar.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 Annual Percentage Yield. Rate effective 1/11/19. 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
Our Competitive Rates
- $0-2,499 = 0.25% APY
- $2,500-4,999 = 0.35% APY
- $5,000-14,999 = 0.45% APY
- $15,000+ = 0.60% APY
Annual Percentage Yield. Rate effective 1/11/19. Interest is compounded and credited monthly.
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.
Resources
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 |
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.