| About Health Savings Accounts |
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- HSAs are fairly new - signed into law by the 2003 Medicare Act.
- They help your employees enrolled in a High Deductible Health Plan save money to use for healthcare expenses until their deductible is met.
- Employees have access to up-to-date account balances through online banking and receive special tax reporting.
- HSAs are the most tax-advantaged account in the country today.
- Employee contributions can be pre- or post-tax without any income restrictions.
- Employer contributions are tax-free and immediately available.
- Tax-free withdrawals on qualified health expenses.
- Balances earn tax-free interest.
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| Account Description |
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Product highlights include:
- Immediate availability for employees to begin saving.
- Employee tax savings.
- Tiered-rate FDIC-insured demand deposit account.
- Debit card access (free of charge).
- Online banking and bill payment.
- Unlike a Flexible Spending Arrangement (FSA), if your employees don't spend all their money in the current tax year, their balance will roll over and earn tax-free interest.
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| Information Portals |
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Education is one of the leading factors helping employers and employees make the transition to a new High Deductible Health Plan. Our information portals will help you and your employees:
- Understand Heath Savings Accounts.
- Keep your employees informed throughout their tenure with your company.
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| Easy Enrollment |
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Charter One provides three employee enrollment methods:
- Electronic batch enrollment.
- Online web enrollment.
- Paper application enrollment.
Charter One also offers a complete line of Cash Management products and services that can help you with your HSA program or any of your day-to-day financial needs.
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| Convenient Contributions & Tax Reporting |
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We accept and can help with:
- Automated Clearinghouse transmission of contibutions.
- Mail-in check deposits.
- Employer contributions and subsidizing of account fees.
- Managed tax reporting for your employees.
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| Investment Products Available |
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Mutual Fund investment options will be made available in 2008 so your employees can enjoy the benefits of long-term savings for their healthcare expenses.
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| Minimum Initial Deposit |
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None
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| Minimum Initial Investment |
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Available in 2008
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| Employee Account Pricing |
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Per Account Enrollment Fees:
- On-line Enrollment - $15
- Batch Enrollment - $25
- Paper Application Enrollment - $35
Monthly Demand Deposit Account Maintenance:
- Debit Card and eStatements - $5 per account per month
- Debit Card, Checks and Paper Statements - $10 per account per month
Other fees may apply, please consult your Fee Schedule
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| Account Access |
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- Employees will have access to their HSA online.
- Your employees can use their debit card to make purchases and retain their signed receipts for tax reporting.
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| How to Enroll |
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Employees can Enroll securely online
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