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Routing Number 291075116

 

HSAs provide a tax-free way to save and pay for qualified medical expenses, thus allowing individuals more control over their healthcare dollars. Employers have the option of contributing pre-tax money to a HSA for their employees. The employees then use the money to pay for qualified medical expenses or let it grow for future healthcare needs or until retirement if they choose. Individuals are eligible for HSAs if they are covered by an HSA-qualified High Deductible Health Plan (HDHP). Employees can purchase this type of insurance plan on their own or employers can provide HDHPs.

 

How do business owners benefit from an HSA?

Employers decide

How much money to contribute into their employees HSA account; there is no minimum contribution amount. Contributions can be made in one lump sum or in smaller increments throughout the year.

Attractive benefit package

HSAs are a way for employers to offer healthcare dollars for employees at an affordable price. Employees will enjoy the tax-savings and flexibility.

Cost savings

Share the cost of healthcare expenses with your employees. Employees manage their own HSAs meaning less work for the employer.

What types of HSAs does SPIRE offer for business owners?

Savings, Checking Accounts and Certificates

SPIRE will create an account to enable you to deposit money into your employee’s account.

  • Money can be withdrawn from the HSA by check (or transferred to another financial institution), to pay for qualified medical expenses.
  • Earn dividends on a SPIRE HSA Savings or HSA Checking Account.
  • No minimum balance, monthly service charges, or set up fees on HSA Checking Accounts.
  • HSA Checking accountholders receive a free HSA VISA® Debit Card.
  • HSA money can be deposited into a Certificate2 to earn higher dividends.
  • HSA accounts can be viewed free through Internet or Telephone Banking anytime
  • A reoccurring auto transfer or direct deposit of a portion of your employee’s paycheck can be setup to go right into the HSA.

What is a High Deductible Health Plan (HDHP)?

 

An HSA-qualified insurance plan that meets the following dollar limits1 for 2017:

A minimum annual deductible of:

  • $1,300 for single coverage
  • $2,600 for family coverage

A maximum annual out-of-pocket limit (including co-pays and deductibles) of:

  • $6,550 for single coverage
  • $13,100 for family coverage

How much money can be contributed1 to a HSA?

The following limits include all deposits made to the HSA whether it is made by the employer or the employee for 2017:

  • $3,400 for single coverage
  • $6,750 for family coverage

1HDHP & HSA contribution limits are adjusted annually for inflation.
2 See rate sheet for current rates.

Get more information on HSAs for your employees: 
Contact Us

DRIVEN BY
MIDWESTERN VALUES

Founded in 1934, SPIRE upholds midwestern values like honesty, integrity and hard work. We strive to make it easy to do business with us and truly care about our members.

Call: 651.215.3500 Routing Number: 291075116