Skip to content
Health Savings Account (Business)

Health Savings Account (HSA)

Health Savings Account (HSA)

Give your employees a benefit that really means something. Provide them with the opportunity to fund a Health Savings Account. HSAs offer tax-advantaged* ways to save for qualified medical expenses. The account is also theirs to keep, even when they change employment. An HSA also offers the flexibility to roll over funds year to year.

  • Provide employees with a tax-advantaged* way to pay for qualified medical expenses
  • Interest calculated daily, compounded and paid monthly
  • Must be used in conjunction with a High Deductible Healthcare Plan (HDHP)
  • Tiered rates to maximize earnings
  • Easily withdraw funds via check, check card, or online
  • Annual contribution limits apply
  • Convenient automatic deposits from other Consumers accounts
  • Flexibility:
    • HSA belongs to employee (transferrable)
    • Rolls over year-to-year (No “use it or lose it” policy)
  • Free online banking & bill pay
  • $50 minimum deposit required to open

In order to qualify for an HSA, you must:

  • Be under age 65
  • Have coverage through a High Deductible Health Plan (HDHP)
  • Have no other first-dollar medical coverage
  • Not have any other coverage through health insurance that is not an HDHP
  • Not be currently enrolled in Medicare
  • Not be claimed as a dependent on someone else's tax return
  • Rollovers and transfers are not subject to contribution limits.
  • Individuals age 55 and over are eligible for an additional "catch-up" contribution.
  • Any amounts used for purposes other than to pay for "qualified medical expenses" are taxable as income and subject to an additional tax penalty.
  • Several tax penalties may apply to various HSA transactions, and are in addition to any federal, state, or local taxes.

For more information about HSAs for businesses, visit the IRS here.

*Consult your tax advisor.

Our Locations

Carrollton Office

Carrollton Office

See All Locations
East Canton Office

East Canton Office

See All Locations
Hanoverton Office

Hanoverton Office

See All Locations
Wooster Business Lending Office

Wooster Business Lending Office

See All Locations
Minerva Office

Minerva Office

See All Locations
Lisbon Office

Lisbon Office

See All Locations
Fairlawn Office

Fairlawn Office

See All Locations
Brewster Office

Brewster Office

See All Locations
Malvern Office

Malvern Office

See All Locations
Bergholz Office

Bergholz Office

See All Locations
Alliance Office

Alliance Office

See All Locations
Salem Office

Salem Office

See All Locations
Jackson-Belden Office

Jackson-Belden Office

See All Locations
Louisville Office

Louisville Office

See All Locations
Hartville Office

Hartville Office

See All Locations
Waynesburg Office

Waynesburg Office

See All Locations