Your employees are your most valuable assets, and supporting their well-being is vital to helping you retain them. That's why North American State Bank has developed a number of programs that not only add banking value and convenience for your employees, but also provide them with tools to improve their financial lives.
Health Savings Account (HSA)
The rising costs of healthcare makes our Health Savings Account (HSA) a timely and smart solution for many businesses. This tax-advantaged medical savings account lets you or any of your employees enrolled in a High Deductible Health Plan (HDHP) pay for qualified medical expenses. Our HSA enables you to expand your employee benefits package, helping them save money, on a tax-free basis, to pay for current and future qualified medical expenses. Unlike a Flexible Spending Account, funds in an HSA roll over and accumulate from year to year, providing greater flexibility and control for your employees.
- Substantially reduce your health insurance premiums when you switch to an HSA-qualified HDHP
- Contributions by employers are exempt from payroll taxes
- Your employees become better healthcare consumers with your assistance
- The Triple-Tax Advantage:
Contributions are tax deductible
Earnings are tax free
Withdrawals are tax free for qualified medical expenses
- Use to pay for eligible medical expenses (i.e. prescriptions, preventative care, dental and vision care, and qualified over-the-counter medications)
- HSAs are portable—they follow your employees through changes in employment or insurance coverage
- Balances roll over from year to year—there are no “use-it-or-lose-it” rules
- Competitive, tiered interest-bearing checking account
- Free Debit card
- Free Online Banking
- Free E-Statements
- Unlimited Debit card transactions
- Unlimited check writing privileges
- Minimum opening deposit of $100 waived if regular ACH deposits are established at account opening
- Monthly service charge of $2 waived if the average available daily balance is $2,500 or greater
Simplified Employee Pension Plan (SEP IRA)
North American State Bank’s SEP IRA plan is easy to set up and maintain. The plan is a tax-deductible way for small-business owners to attract and retain employees while also saving for their own retirement; after all, you (the small-business owner) is generally an eligible participant *. Some additional benefits include:
- You are able to contribute up to 25 percent of each employee’s compensation each year
- You do not have to contribute money each year, which provides flexibility for those times in which cash flow may be limited
- You can deduct all of the contributions and it is not considered taxable income to your employees
Contact us to discuss how North American State Bank’s SEP IRA plan can be part of your employee benefit package.
Consult your tax advisor to determine if a SEP IRA eligibility.