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Health Savings Account Information
HSA | Account Features | Frequently Asked Questions | Qualified Expenses | FormsWatch Bank of Ann Arbor TV to learn about Health Savings Accounts
With healthcare costs climbing every year, you need options for controlling and managing those expenses. A Health Savings Account (HSA) from Bank of Ann Arbor gives you a new way to save, manage and pay for current and future healthcare costs. It is a powerful option that puts you in the driver's seat of your healthcare money. A HSA is bank account that is paired with a High Deductible Health Plan (HDHP). A HDHP plan, available from your insurance professional, typically has significantly lower monthly premiums than most traditional health plans. These plans allow for annual deductibles of at least $1,000 for single coverage or $2,000 for families.
Already have a HSA?
We would be pleased to assist you with transferring an existing HSA to Bank of Ann Arbor.
Individuals:
A HSA allows you to pay for a wide range of medical expenses with pre-tax dollars. Since there is no "use it or
lose it" requirement, your unused HSA dollars can accumulate tax deferred to pay for future health care costs.
Also, funds deposited into the account belong to you so they stay with you when you change employers. This
account is used to pay for routine medical expenses until your deductible is met.
Businesses:
By adding a high deductible option that includes a Health Savings Account at Bank of Ann Arbor, you can reduce
insurance premiums, motivate your employees to use their benefits in a more cost-effective way, and maintain
or improve the level of benefits for your employees. These benefits are available to companies of all sizes
as well as the self employed.
Insurance Agents:
You have strong relationships with your clients and you know their needs. When you find that a HDHP + HSA plan is
a good choice, turn to Bank of Ann Arbor. As a local bank, we offer many advantages over using a national provider.
- Our HSA Specialist will meet with you, one-on-one to be involved as much or as little as you wish with setting up the program.
- We offer an educational program to assist employers in their transition from a traditional healthcare program.
- No exclusivity or territories-we work with all insurance companies and agents.
The Bank of Ann Arbor Advantage
Choosing Bank of Ann Arbor for your HSA is a smart move. We have the knowledge and service you need to manage your funds wisely. You'll enjoy the attention and responsiveness that have made Bank of Ann Arbor one of the premier financial institutions in Washtenaw County. We offer automatic payroll deductions, monthly administration, annual tax reporting and FDIC protection.
Getting Started
- Contact Dennis Ticknor at Bank of Ann Arbor by calling (734)327-0103. He'll explain the basics to help you make a wise decision.
- Contact your insurance agent for a HDHP quote. (If you are not currently working with an agent, Bank of Ann Arbor will be pleased to provide you with a list of recommended agents.)
