Health Savings Account

Help your employees save for medical expenses

Many business owners offer high deductible insurance plans to their employees. The employees then have the option of opening a Health Savings Account to help save for future medical expenses.

A Health Savings Account is an account designed specifically to help save for medical expenses. Contributions to this account can be made by the employee, the employer or both. The total contributions you make are limited annually. If you make a contribution, you may deduct the contributions (even if you do not itemize deductions) when completing your federal income tax return.

Any qualified employee can contribute to a HSA if they:

  • Have coverage under an HSA qualified high deductible health plan.
  • Have no other first dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long term care insurance are permitted).
  • Are not enrolled in Medicare.
  • Cannot be claimed as a dependent on someone else's tax return.

Benefits of a Collinsville Savings Society Health Savings Account (HSA)

  • No monthly fees
  • Free checks and MasterMoney debit card
  • Earn interest that compounds daily
  • Pre-Tax Contributions

The rates on our Health Savings Accounts are very competitive. We have a "Mobile Banking Team" who will go to your place of business and explain the features and benefits of the Health Savings Accounts. For the convenience of the employer and the employees, we will open these accounts on site.

* Refer to a tax professional regarding potential tax benefits.