Health Savings Accounts
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 lowdeductible,
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.
Employee Account Information
For more information about these services:
E-mail:businessbank@winonanationalbank.com
Call: (800) 546-4392