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Health Savings Accounts

Wish there was a cost-effective way to provide health insurance for your hired hands? Ask about the financial benefits of a high-deductible health plan, coupled with a Health Savings Account (HSA) from your Hometown Community Bank.

In comparison to a traditional health plan, high deductible health plans typically have a reduced premium and a higher deductible (see IRS rules to determine if your insurance plan qualifies.) The reduced premium lowers your farm's healthcare expense, while allowing you to still provide valuable healthcare coverage.

Summary
  • Cost-effective healthcare coverage option
  • Employee contributions to an HSA are tax deductible* (2013 IRS annual limits are $3,250 for individual health plans or $6,450 for family health plans)
  • You may make contributions to your employees' HSA accounts, if desired*
  • Employees can pay for qualified medical expenses as they incur them**
  • End-of-year balances remain in employee's account for future use
  • Low $25 annual account fee
  • Free HSA debit card and checks
  • Free online banking
  • Free eStatements

*Annual contribution limits are set by the IRS. Consult a tax advisor.

**When used for qualified medical expenses. Consult a tax advisor.