Health Savings Accounts
Reducing the cost of health care. People
are the driving force of your small business and offering
a comprehensive health insurance plan is one of the keys
to attracting and retaining the best employees. With the
soaring cost of health care, coverage is prohibitive for
many small businesses - many of which offer no health care
benefits.
At Bank of Stanly, we want to give
our small business customers every opportunity to grow and
thrive. Our new Health Savings Account (HSA) can help you
do just that.
What is an HSA and how does it work?
An HSA is a savings account that enables you and your
employees to save money, tax-free, to cover medical expenses.
The savings account is held locally and your associates
can access this account via a check or debit card to cover
qualified expenses.
The HSA is paired with a high-deductible health plan,
so businesses that make the switch can save a significant
amount on premiums and then use the savings to help fund
the HSAs of their employees. Employees can use their HSA
dollars to pay their deductible, while unused dollars grow
tax-free and may be withdrawn upon retirement and taxed
as normal income.
Annual contributions are limited to your health plan deductible,
up to a maximum of $2,700 for an individual and $5,450
for family coverage. Individuals aged 55 and older can
make additional "catch-up" contributions. For
2006, that amount is $700 (pro-rated).
| $ .01
- $ 499.99 |
Competitive
market rates of interest tiered to pay premium interest
rates on a higher account balance. |
| $ 500.00 - $ 2,499.99 |
| $ 2,500.00 - $ 4,999.99 |
| $ 5,000.00 - and above |
| $ 15,000.00 - and above |
Benefits:
- Monthly Maintenance Fee: $2.25
- No Charge if
the minimum daily balance of $3,000 is maintained.
- Interest Bearing: Competitive market rates of
interest tiered to pay premium interest rates on a higher
account balance.
- Complimentary Online Banking
- Unlimited In-Network ATM
Transactions **
- 2 Free Non-Network ATM
Transactions ** / statement cycle
- Detailed
Statement with Imaged Checks
- Combined
Accounts Statement
- FDIC Insured
- Save a significant amount on health insurance premiums
- Increase company-paid coverage
- Lower taxable income
- Build reserves for future medical expenses or retirement
- Easy access to funds for qualified expenses
- Attract and retain high-quality employees
- Deposits held locally
- Empower your employees to take control of their healthcare
spending
- ** Other bank surcharges
may apply
We are committed to delivering quality products
and services and adhering to a high standard of customer
care. Our Account Executives would be happy to assist you
and discuss your savings options.
When you do business with Bank of Stanly
your money provides capital for local businesses, creates local jobs and improves the quality of life for families. We want
what’s
best for our communities, friends and neighbors … together
we are Making a Difference.
| (704)
983-6181 | (1-800)
438-6864 | Locations |
|
