Health Savings Accounts (HSAs)

Taking care of your employees means more than a paycheck. Providing competitive benefits boosts morale and a dividend-bearing health savings account (HSA) gives your employees a convenient way to take care of their health. 

Withdrawals may be tax-free* and the HSA will stay with the employee throughout their life. We understand Maine businesses because we are a Maine business — see how we can help you.

Summary

Employee Details 

  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn competitive dividends on entire balance
  • Make tax-free withdrawals for qualified medical, dental, vision expenses, and more*
  • Accessibility to funds**
  • Additional personal contributions may be made, tax-free
  • Unused funds remain in account
  • Keep your HSA in your name, regardless of career or life changes
  • Federally insured by NCUA

Company Details

  • Provide great benefit to employees
  • Helps retain and attract good employees
  • Contributions are tax deductible*
  • Reduced insurance premiums
  • Little administrative burden
Eligibility

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.

Health Savings Accounts (HSAs)

Interested? Reach out to us to learn more.

*When used for qualified medical expenses. Consult a tax adviser. Qualified expenses include most medical care and services, dental and vision care, weight loss programs, some over the counter medications, mileage, and more.

**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty tax.