| Eligibility |
You may be qualified if:
- You are covered by a single or family High-Deductible Health Plan (HDHP).
- You are not covered by any other non-HDHP health plan, such as a spouse’s plan that provides any benefits covered by your HDHP plan.
- You are not enrolled in Medicare.
- You cannot be claimed as a dependent on another person’s tax return, excluding your spouse.
- You do not receive health benefits under TRICARE.
- You have not received Veterans Administration (VA) benefits within the past three months.
- You are not covered by a general purpose health care Flexible Spending Account (FSA) or Health Reimbursement Account (HRA). Alternative plan designs, such as a limited-purpose FSA or HRA, might be permitted.
Other restrictions and exceptions may also apply. We recommend that you consult a tax, legal or financial advisor to discuss your personal circumstances.
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| Benefits for your employees |
- Triple Tax Advantage
- Tax-free interest accumulation
- Tax-free withdrawals for qualified medical expenses
- Pre-tax contributions through payroll deduction
- Individually owned custodian accounts
- Money rolls over year after year
- Tiered interest rate paid on balances
- Portable
- Save for future medical expenses
- Access to HSA through debit cards, online bill pay and checks
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| Benefits for you |
- Complements your HR benefits, providing employees with tax-free savings to cover healthcare expenses
- Handles tax reporting of 1099SA and 5498SA for participants, easing your administrative burden
- Offers employees convenient access to HSA funds through debit cards, online bill pay and up-to-date account balances through online banking
- Provides HR with convenient employee enrollment options: online, electronic batch, direct transmissions
- Contributions are conveniently made through direct deposit, ACH or mail in check deposit
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| Account access and enroll |
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Learn more about health savings accounts
For more information about how this can support your business needs, please contact your local Cash Management representative or contact us at 1-877-550-5933 or 1-888-784-4584.
Email: clientservices@rbscitizens.com
Need more information about health savings account rules and options?
Review additional information about health savings accounts: