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.
- Cost-effective healthcare coverage option
- Employee contributions to an HSA are tax deductible* (2020 IRS annual limits are $3,550 for individual health plans or $7,100 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.