Health Savings Account for Businesses

With Empower's Health Savings Account, you can offer your employees a tax-advantaged method of saving for future medical expenses if they're covered only by a High-Deductible Health Plan. HSAs offer flexibility and convenience, and funds roll over annually so there's no use-it-or-lose-it requirement.

HSA Features

Must maintain a membership share savings account with a minimum $1 account balance.
Earnings are tax-deferred and remain tax-free if they are used to pay for qualified medical expenses
Unused HSA funds grow annually at our competitive, tiered rates, allowing you to save for future expenses
Dividends are compounded daily and posted monthly
Includes an Empower HSA debit card and checks to access funds conveniently
No administrative or annual fees

Eligibility

Must be covered exclusively by a High-Deductible Health Plan (HDHP)
Cannot be covered by another health plan
Cannot be enrolled in Medicare or be claimed as a dependent on another person's tax return

Contribution Limits

Deductibles and contribution limits are revised each year to reflect cost-of-living increases
Contributions for a particular tax year can be made as late as April 15 of the following year
In addition to the standard Health Savings Account contribution limits, if you have reached age 55 before the close of a taxable year, you may contribute an additional amount, known as a "catch-up contribution"
Set up Direct Deposit to simplify the process