Charter One Health Savings Accounts
Charter One's Health Savings Account (HSA) program is an easy and helpful way to complement your company's High Deductible Health Plan (HDHP). Charter One offers a competitive HSA combined with information portals to help you and your employees make informed decisions regarding your own HDHP/HSA program. To see how our HSA can help your company, contact your Business Banking Officer or Cash Management Officer.
|
About Health Savings Accounts
|
- HSAs are fairly new - signed into law by the 2003 Medicare Act.
- They help your employees enrolled in your company's 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 for qualified medical expenses.
- Balances earn tax-free interest.
|
|
Account Description
|
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) your balance grows year after year and earns tax-free interest.
|
|
Information Portals
|
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.
|
|
Easy Enrollment
|
Charter One provides three employee enrollment methods:
- Online web enrollment
- Electronic batch enrollment
- Direct Transmission
Note: Individuals cannot open an HSA at a Charter One branch.
We also offer 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. Click here to learn more.
|
|
Convenient Contributions & Tax Reporting
|
There are three ways to make contributions to the Health Savings Account.
- Automated Clearinghouse (ACH) transmission via direct deposit file.
- Utilizing Money Manager GPS™, our Web-based information reporting system
Note: Deposits are not accepted at a Charter One branch.
Charter One prepares the Forms 1099 and 5498 and sends them directly to HSA participants.
|
|
Investment Products Available
|
Mutual Fund investment options will be made available in 2009 so your employees can enjoy the benefits of long-term savings for their healthcare
expenses.
|
|
Minimum Initial Deposit
|
None
|
|
Minimum Initial Investment
|
The minimum initial investment and minimum balance requirement is $2,500. Additional mutual fund purchases may be made in $100 increments.
|
|
Employee Account Pricing
|
Per Account Enrollment Fees:
- On-line Enrollment - $15
- Batch Enrollment - $25
- Paper Application Enrollment - $35
Monthly Demand Deposit Account Maintenance:
- Debit Card and eStatements - $3.50 per account per month
- Debit Card, Checks and Paper Statements - $6 per account per month
Other fees may apply, please consult your Fee Schedule
|
|
Account Access
|
- 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.
|
|
How to Enroll
|
Employees can enroll securely online
|
|