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Health Savings Accounts are another plan design option to help employers and employees manage healthcare costs and expenses while saving taxes. For employers offering a Qualified High Deductible Health Plan, TEA can easily help you establish a banking relationship with one of our preferred banks. Once the relationship is established, TEA will provide customer service support to participants. As a standalone relationship, you do not have to change banks when you change insurance carriers. An HSA account can be both employee and employer funded. Some of its advantages include:

Pre-tax contributions; tax deductible contributions (when funded on post-tax basis)
Tax-free withdrawals (if used for qualified medical expenses)
Self-directed investments and portable. HSA’s are a personal bank account and all contributions stay with the employee even after leaving the company
Investment options and tax-free interest earnings
Retirement vehicle. After age 59 ½, participants can make non-medical withdrawals without any mandatory disbursement (taxes apply)
Convenient. A debit card is issued allowing participants to easily pay for out of pocket expenses