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Health Savings Programs
With a qualified High Deductible Health Plan (HDHP) plan and a Health Savings Account (HSA) from Home Federal Bank, you could save up to 44% on your premiums.
If your premium increases make you queasy, you may be ready for a new choice. Home Federal will ensure it’s a healthy transition.
Think of a Health Savings Account as a tax-free savings plan that works like an IRA, except the money is used for qualified medical expenses. By having a qualified HDHP combined with an HSA, your business can save on premiums while employees receive another benefit.
The chart below compares a traditional plan to a qualified HDHP with an HSA. As a comparison, this family of three calculates funding their HSA with exact funds to cover their projected qualified medical expenses of $3,000.
|Traditional PPO Plan||HSA Health Plan w/PPO|
|Deductible||$500 x 3 = $1,500||$5,000 Family Deductible|
|Co-Insurance||80/20 - 5,000 x 2 = $2,000||None (100% coverage)|
|Annual Out of Pocket Maximum||$3,500 + Co-pays = $4,500*||$5,000|
|Annual Insurance Cost||$9,000||$4,500|
|Tax Free HSA Deposit||$0||$5,000|
|Tax Savings @ 33%||None||$1,650|
|Medical and dental expenses not covered by insurance||$1,500||$1,500|
|HSA account balance at end of year||$0||$3,500|
*JLBG Health Statistics
(Please note: these illustrations do not include employer funds; HSA costs would be reduced by employer contribution.)
To learn how your business and employees can benefit from HSAs, contact the region’s HSA experts at Home Federal. For more information, review the frequently-asked questions.
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