Health Savings Account (HSA)

Healthcare costs are on the rise making it a challenge to provide an attractive benefit package for your employees.

A Health Savings Account (HSA) from Randall-Story State Bank combined with a High Deductible Health Plan from your insurance provider can reduce healthcare costs, and provide a tax-advantaged, lifetime medical savings account for your employees.

Some benefits of HSA for your business:

• Affordable:  You can reduce your insurance premiums by switching to an HSA-qualified high-deductible health plan. 
• Simple:  Randall-Story State Bank works directly with your employees to set-up and manage their HSA account, ensuring a smooth transition and administration.
• Flexibility: Contributions can be made by the employer and the employee.  Employers can choose how much and how often they contribute to their employees HSA accounts.
• Value-added: HSAs provide added value to your benefits package by giving employees control over their health care decisions and a lifetime medical savings plan.
• Tax Savings: Contributions to an HSA are deductible as a business operating expense.  Please consult your tax advisor for details.

The Benefits of HSA for your Employees:

• Long-term Savings: HSA funds roll over from year to year and always belong to the employee, growing tax deferred.  Funds can be used for medical expenses and at the age of 65 can be withdrawn penalty free for any reason.
• Convenient:  A RSSB debit card can be used to pay medical expenses at the point of service.  Employees can take advantage of direct deposit to transfer money to their HSA account.
• Control: A HSAs put medical decisions in employees' hands.  Employees can also decide how much and when they want to contribute to their HSA account.
• Tax Savings: HSA deposits are tax deductible and can be used to pay for medical expenses at any time.  We recommend that employees consult a tax advisor for details.

Randall-Story State Bank Account Features

• No Set Up Fee
• $25.00 Annual Fee
• Minimum Opening Balance $100
• No Monthly Maintenance Fee
• Interest earned monthly with a tiered rate
• Free Debit Card
• Free Online Statements
• Free Online Access

Steps to Get Started:

1.  Contact your insurance provider about an HSA-qualifying High Deductible Health Plan.

2.  Determine if you will be contributing to your employees' HSAs.  Direct deposit is available.

3.  Arrange an orientation session for your employees with the Randall-Story State Bank HSA expert.

4.  Employees visit Randall-Story State Bank to set-up their account.

Frequently Asked Questions 

For more information, please contact us at 515-733-4396 or info@RandallStory.com.

Further information can be obtained through the United States Department of The Treasury website at www.ustreas.gov/offices/public-affairs/hsa