Health Savings Accounts

A way for employees to save and pay for healthcare expenses

Learn about HSAs

A health savings account (HSA) combines high-deductible health insurance with tax-free contributions, interest and withdrawals. It's an added benefit for many employees.

Your employees must have a qualifying high-deductible health plan (HDHP) to contribute to an HSA. They can save money in an HSA, as they would with any other interest-bearing account, and use their HSA dollars, tax-free, to pay for healthcare expenses incurred by the employee, their spouse or their dependents.

What isn't spent continues to grow, year after year. After employees reach age 65, they can choose to continue to use the HSA tax-free for healthcare expenses or use it for other purposes as taxable income.

I am always impressed with the customer service at Bell Bank. I feel they truly care about me and I am not just another number.
-Becky B.

How Does An HSA Work?

To be eligible to set up an HSA, your employees:

  • Must be covered under a high-deductible health plan (HDHP)
  • Can have no health coverage other than the HDHP (certain exceptions may apply)
  • May not be enrolled in Medicare
  • Cannot be claimed as a dependent on someone else's tax return

How Do I Provide an Employee HSA?

Discovery Benefits, a sister company of Bell Bank, has industry-leading expertise in providing HSA benefits.

If you are interested in providing an HSA benefit for your employees, call Discovery Benefits at 701-239-6478 (Twin Cities area) or 701-239-6441 (Fargo area). Ask to speak to a representative about how you can maximize benefits and add value.

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