Health Savings Accounts (HSAs)


Rising health care costs, for medical services and insurance, are a great concern to us all. 

The Health Savings Account (HSA) is an effective way to help you and your employees manage these expenses.

The HSA, when paired with a High Deductible Health Plan (HDHP) allows your employees to make tax-free* withdrawals to pay for qualified medical expenses. Pre-tax* contributions can be made by the employee and/or your company up to the maximum allowed by the IRS**. Contributions are held in an interest-bearing deposit account that the owner can access with a check card or check. The balance held in the account earns tax-deferred interest and will remain in the account the next year. The balance doesn’t affect the next year’s contribution – it’s there for your employee to use in the years to come for qualified medical expenses and retirement after age 65.

Plus when your employee’s account reaches $3,500, an additional mutual fund investment option can be added through our brokerage provider, Synovus Securities, Inc., allowing investment of money in one of several Fidelity Investment® mutual funds***.

HSA BENEFITS


For you, the business owner:

 It can reduce the cost of providing health care benefits; encouraging your employees to use the lower cost high deductible health plan.

 You’re providing another great benefit for your employees.

 There may be tax advantages to your company.  Talk to your tax advisor to learn how.*


Your employees benefit in the long and short-term:

 Lowers taxable income and pre-tax or tax-deductible contributions

 Accrues interest on the balance of their account on a tax-free basis

 Allows penalty and tax-free withdrawals for qualified medical expenses

 Reduces out-of-pocket expenses with a lower premium insurance plan

 

Investment products and services provided by Synovus are offered through Synovus Securities, Inc ("SSI"), Synovus Trust Company, N.A. ("STC"), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. Trust services for Synovus are provided by Synovus Trust Company, N.A. The registered broker-dealer offering brokerage products for Synovus is Synovus Securities, Inc., member FINRA/SIPC. Investment products and services are not FDIC insured, are not deposits of or other obligations of Synovus Bank, are not guaranteed by Synovus Bank and involve investment risk, including possible loss of principal amount invested.

Synovus Securities, Inc. is a subsidiary of Synovus Financial Corp and an affiliate of Synovus Bank and Synovus Trust. Synovus Trust Company, N.A. is a subsidiary of Synovus Bank.

Important Account Information for Health Savings Account

*Consult your tax professional regarding matters of tax deductibility and deferral.

**Maximum contributions are $3,100 for individuals or $6,250 for families in 2012, reduced by any contribution to an Archer MSA. Individuals over 55 are allowed to make an annual "catch-up" contribution of $1,000 in 2012. HSA account holders can make a one time, tax-free distribution from their Roth or Traditional IRA for the purpose of making a regular HSA contribution. This provision applies to roll-overs from an HRA or FSA through 2011. Certain restrictions apply.

***Please carefully consider the funds' investment objective, risks, changes and expenses applicable to a continued investment in the fund before investing. For more information, please read the prospectus prior to investing.