Health Savings Accounts If your business offers a High Deductible Health Plan (HDHP), a Health Savings Account through Seven Seventeen will provide your employees with peace of mind for themselves and their families.
A Health Savings Account (HSA):
Is a special, tax-advantaged account your employees and their family members can use to pay for qualified medical expenses*.
Allows your employees to make after-tax contributions. This may be adjusted annually for inflation.**
Earns dividends tax-free.
Provides funds that are not taxed when withdrawn for qualified medical expenses.
Allows your employees to “roll over” funds from year to year.
Lets your employees make “catch-up” contributions if you’re over age 55.
Allows your employees to make contributions up to April 15 of the following year.
Allows your employees to keep and use, even if you leave your job or no longer have a HDHP.
Contributions can be deducted on your employees' tax return.
Why choose a Seven Seventeen HSA?
Our HSA is a tiered checking account.
Minimum opening deposit is $5.00.
Dividends are paid on all balances.
Payroll deductions can be made into the account.
Individuals can pay their healthcare expenses by writing unlimited checks from their Seven Seventeen HSA checking account or by using an HSA check card.
Funds in the HSA roll over from year to year, there’s no need to worry about using the balance up by year-end.
The account can be managed with CALL24 telephone banking or NetWorth24 online banking — check account balances and make transfers out.
There’s no set-up or annual fee.
There’s a low monthly maintenance fee***.
Ask us how you can open your Health Savings Account today!
*See IRS Publication 502 – available at www.irs.gov – for a list of qualified medical expenses. **The Department of the Treasury may make changes to this program at any time and amounts and limits are adjusted annually for inflation. This web article is intended to provide general information concerning the federal tax laws governing HSAs. It is not intended to provide legal advice or to be a detailed explanation of the rules or how such rules may apply to your individual circumstances or under your state tax laws. For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, the instructions to IRS Form 8889, and the IRS’s website, www.irs.gov, may also provide helpful information. ***Other fees may apply – see Service Charge Schedule. Fees may reduce earnings.