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Employee HSA

Employee Health Savings Accounts

If your employees are covered by an HSA-eligible, high-deductible health insurance plan, you can offer them an employer-sponsored health savings account.

When you turn to The Bank of Missouri to offer HSAs for your employees, you give them a way to earn tax-free dollars on account contributions made by you, your employees, and any other person on their behalf. These contributions help your employees pay for qualified medical expenses, while offering potential tax advantages.1

Advantages for Employers

  • By providing employees an easy way to apply for an HSA, you can help them gain more control over how their health care dollars are spent.
  • Unused HSA funds roll over from year-to-year, providing an incentive for employees to use health care services wisely.
  • If your company chooses to make contributions to employees' HSA accounts, they are generally tax-deductible.1
  • If you offer a qualifying cafeteria plan,2 you may allow employees to make pre-tax HSA contributions through payroll deduction. By doing so, you may also be able to reduce your company's overall FICA liability.
  • Employees self-administer their HSA, saving time for your business.
  • Providing an HSA enhances your benefits package to attract and retain top talent.

Advantages for Employees

Below are just some of the many benefits to employees. To learn more about employee HSA benefits, contribution limits and qualifications, visit our HSA resource center.

  • Employee HSA contributions not made through payroll deduction are tax-deductible, up to the maximum contribution limit.3
  • Withdrawals from HSAs are not taxed if used for qualified medical expenses
  • Any interest and investment earnings on HSA contributions grow tax-deferred until withdrawn, and like contributions, will be tax-free when withdrawn if used to pay qualified medical expenses.
  • HSAs have no "use it or lose it" requirement and are portable with employees when they change jobs or retire.3
  • If you offer a qualifying cafeteria plan,2 you may allow employees to make pre-tax contributions to their HSAs through payroll deduction. By doing so, your employees' taxable salary is reduced by their pre-tax contributions.
  • When your employees open an account, they're issued a Bank of Missouri HSA Visa® debit card that makes it easy for them to pay for qualified medical expenses.
  • They have online access to account transactions, so keeping tabs on their medical spending is easy.
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1 Consult with your company's tax and legal advisors.
2 The Bank of Missouri makes available Business Health Savings Account ("HSA") as custodian only. The HSA is intended to qualify as a Health Savings Account as set forth in Internal Revenue Code Section 223. However, you are solely responsible for ensuring that you satisfy the HSA eligibility requirements set forth in Section 223. If you establish an HSA and you are not otherwise eligible, you will be subject to adverse tax consequences. We recommend that you contact qualified tax or legal counsel before establishing an HSA.
3 Employer contributions and employees' pre-tax contributions through payroll deduction do not qualify. Your employees should consult with their personal tax and legal advisors.

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First Choice Insurance Agency, Inc is a wholly owned subsidiary of Reliable Community Bancshares, Inc., parent company of The Bank of Missouri.

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