Health Savings Accounts
Businesses offering a High Deductible Health Plan (HDHP) to employees have the option to partner with Home Federal on a HDHP Health Savings account. This partnership is a great way for employees to save for qualified medical expenses while taking advantage of certain tax benefits. The money in the accounts is owned and controlled by the employee. They can use the funds on all qualified medical, dental (including braces), vision, and hearing aid expenses.
Your employees are eligible if they:
- Are under the age of 65
- Participate in a high deductible health plan
- Are not covered by another health plan
Eligibility applies to individuals and employer groups. There are no size restrictions on employer groups.
For more information about, or to setup Health Savings Account access for employees, please contact your local business banking expert.