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Health Savings Accounts

Another benefit that employers can offer their workforce by working with Key is a program that helps employees reduce the cost of healthcare. In conjunction with your High Deductible Health Plan, we provide Health Savings Accounts (HSAs), fully integrated with our payroll, direct deposit and checking account services. HSAs offer employees a pre-tax option for paying for healthcare expenses not covered by insurance. Contributions (amount chosen by the employee) are set aside to offset current or future expenses. Employee withdrawals are tax-free so long as they are used for qualified medical expenses.*

If your business uses Key’s business checking account services, set up, monthly maintenance and annual fees for the HSA are waived.

To be eligible to contribute to an HSA, an employee must meet specific requirements including:

  • Have coverage under an HSA-qualified “high deductible health plan” (HDHP)
  • Have no other medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted).
  • Are not enrolled in Medicare.
  • Cannot be claimed as a dependent on someone else’s tax return.

For details, contact your Key relationship manager or the Health Savings product manager.