A Health Savings Account (HSA) is a tax-favored, custodial account that allows you to set aside money to pay for eligible out-of-pocket health care expenses, now or in the future.
Employer Account Information
How do HSAs benefit your business?
- High-deductible health insurance plans cost less than traditional low-deductible, high-premium policies. Moving to a high-deductible plan may help your company control its health insurance costs. Any savings generated by moving to a high-deductible plan can be retained by your company or shared with your employees in the form of contributions to their Health Savings Accounts.
- Employer HSA contributions can be expensed to lower your tax obligations.
- Enrolling in an HSA plan will help you to continue offering affordable health insurance coverage to your employees or to begin offering coverage if you aren’t doing so already.
Employer’s Guide to Health Savings Accounts
- Consult with your insurance agent to determine if HSAs and a high-deductible plan are right for your business.
- Enter into an agreement to appoint Winona National Bank as the Health Savings Account custodian.
- Incorporate an HSA informational session into your annual employee insurance meeting. Invite your agent and HSA representative from WNB to attend.
- Work with your agent to enroll eligible employees into the high-deductible health insurance plan.
- Contact your HSA representative at WNB to direct and complete the enrollment process for the employees that elect to establish an account.
- Deduct the employees’ HSA contributions from their wages.
- Remit employee and/or employer HSA contributions to WNB via direct deposit or by submitting a check.
- Annually report employee HSA payroll deductions on their W-2 forms.
More information on Employee Health Savings Accounts
For more information about these services, contact our Business Banking Team