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Business HSAs

With a Woodland Bank Health Savings Account (HSA), you can provide your employees with so much more than a tax-advantaged health savings account. You give them the freedom and control to make informed decisions about their own healthcare and wellness.

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Summary
  • Triple tax savings:
    • Tax deductions when you contribute to your account
    • Tax-free earnings through investment
    • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
  • Convenience and control:
    • Employees can use a free Visa® HSA debit card to pay for qualifying medical expenses
    • Funds can be withdrawn at any time**
  • Ownership and security:
    • Unused funds remain in account year after year; no "use it or lose it" policy
    • Keep your HSA in your name, regardless of career or life changes
    • Federally insured by FDIC
How an HSA Works

First, allow your employees to enroll in a high-deductible health plan (HDHP) through a qualifying insurance company. Then, open Woodland Bank HSAs for them. Your employees will now be able to use their HSA funds to pay for qualifying medical expenses, like doctor visits, vision and dental care, and prescriptions. 

And because HSA funds are not lost at the end of the year, unspent balances stay in the account, and grow over time until they are spent on medical care. Plus, an HSA will always stay with the account holder, even when they change employers.

*Consult a tax advisor.

**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.