• Health Savings Account
  • Health Savings Account

    Retain and recruit talented employees by adding HSAs to your employee benefit package.

    Central Bank’s experts are available to assist you with every aspect of HSA implementation with your staff. We offer a dedicated team of representatives who will assist with enrollment, eligibility, reporting and employee communication. Plus, we offer multiple account funding options.

    An HSA offers many benefits to an employer:

    • Lower health insurance premiums – high deductible health plan premiums are typically lower than traditional plans.
    • Tax savings for the company – contributions to your employee HSAs are excluded from the company’s gross income and not subject to withholding from income tax or other employment taxes.
    • Health insurance carrier neutral – if your company chooses a different health insurer, your employees can keep their accounts and avoid the cost and hassle of transferring them.
    • More choice for employees – money saved in premiums can be used to fund their HSAs, so they decide how health care dollars are spent.
    • Savings for the future – Employees can use HSAs to save for future health care expenses by investing and growing those funds.

  • Contact a business banking representative at 314.862.8300 or stop by any location to get started.

    Not sure which solution is right for your business? Get started with Business Analyzer today and have your answer within minutes.

  • Explore the Differences

    Stands for

    Health Savings Account Flexible Spending Account
    Who is eligible?
    Employees enrolled in a high deductible health plan (HDHP) who do not have any other non-HDHP health plan, including coverage under Medicare, a spouse’s health plan or FSA. Employees enrolled in a traditional health plan
    Who owns the account?
    Employee Employer
    What happens at the end of the year?
    Unused balance rolls over from year to year Depending on your employer, you may be allowed to carry over up to $500 at the end of the year or allowed to submit claims during the first 2 ½ months of the next plan year.
    What happens if I leave my job?
    It’s your account. You keep it. You may submit expenses for reimbursement until the claims filing deadline. Expenses must have been incurred during the time period you were covered (the time your coverage began through the end of the month in which you terminated – unless you choose to continue the health care FSA through COBRA).
    What are the annual contribution limits?
    Employee Only: $3,450
    Family: $6,900
    $2,650 per employee.
    What expenses are qualified for reimbursement?
    Qualified health expenses as defined by IRS Code Section 213(d). Refer to IRS Publication 502 for more information. Health Care FSA: Qualified health expenses as defined by IRS Code Section 213(d). Refer to IRS Publication 502 for more information. Limited-Scope Health Care FSA: Only qualified dental and vision expenses are reimbursable.
    When can I access my funds?
    Only funds paid in can be accessed. Money can be accessed before it is paid in.
    How do I get reimbursed?
    If you have HSA funds, use your debit card at the time of service. If you don’t have HSA funds, pay for the expenses out of pocket and reimburse yourself when you have HSA funds. Submit a claim form and provide documentation to receive reimbursement.
    What documentation do I need?
    Keep all itemized receipts in case of an IRS audit. Documentation must contain the following information for payment to be issued:
    • Provider of services
    • Person receiving care
    • Date of services
    • Charge for the services
    • General description of the services provided
    Are non-qualified health care withdrawals allowed?
    Review IRS Publication 969 and talk with your tax advisor for more information. Not allowed
    Does the account earn interest?
    Yes No
    What are the tax benefits?
    Contributions are tax-deductible. Interest is tax-deferred. Withdrawals for qualified health care expenses are tax-free. Contributions are tax-deductible. Withdrawals for qualified health care expenses are tax-free.
    Is enrollment in a qualified high deductible health plan required?
    To make contributions, you must be enrolled in a qualified high deductible health plan. No. If you are enrolled in a qualified high deductible health plan and health savings account, then you should only participate in a limited-scope health care FSA.
    Can funds be used for retiree health insurance premiums?
    Only for:
    • Post-65 health insurance, including Medicare (other than premiums for a Medicare Supplement policy such as Medigap)
    • COBRA
    • Qualified long-term care insurance
    • Health insurance, if receiving unemployment