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
Monthly Premium $750 $375
Annual Insurance Cost $9,000 $4,500
Tax Free HSA Deposit $0 $5,000
Tax Savings @ 33% None $1,650
Total Expenditures $9,000 $9,500
Medical and dental expenses not covered by insurance $1,500 $1,500
TOTAL OUTLAY $10,500 $11,000
HSA account balance at end of year $0 $3,500
NET COST $10,500 $7,500

*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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