Genesee Regional Bank (GRB) offers Health Savings Accounts (HSAs) to give your employees a triple tax-advantaged account to pay for qualified medical expenses while covered under a high deductible health plan (HDHP). A Health Savings Account, paired with an HSA-qualified health plan, allows you and your employees to make pre-tax contributions to a federally-insured account that can be used to pay for qualified medical expenses.
Tailored, High-Touch Service
To ensure employers and employees get the most from their HSA, GRB provides:
• On-site education and personalized enrollment support
• Educational engagement campaigns
• Employer summary reports
• Web site with easy-to-access forms, guidelines and resources
No Monthly Maintenance Fees1
We believe that empowering employees to save for their healthcare needs is important. We don’t believe that employees need to pay an account fee to save for something as important as their healthcare. Employers offering an HSA through GRB can do so without any account maintenance fees.
The benefits of a Health Savings Account provide account holders with the ability to leverage a number of tax-savings strategies:
- Contributions to your HSA are tax-free
- Your HSA earns interest tax-free
- Withdrawals for qualified medical expenses are tax-free
- HSA funds roll over year-over-year
- Your HSA funds are yours to keep and never lost due to changes in employment or health insurance
- Even if you no longer have a HDHP and can’t make contributions to your HSA, you will still have access to your funds to pay for qualified medical expenses
Easy to Use
HSA holders have multiple ways to pay for their qualified medical expenses:
Building Health Savings for Life
GRB offers Health Savings Accounts (HSAs) to give your employees a triple tax-advantaged account to pay for qualified medical expenses while covered under a HDHP.
All HSA accounts are federally-insured and earn interest. Please go to our Web site for the schedule of interest paid for HSA accounts.
How it Works
Genesee Regional Bank understands the importance of being there for you and your employees. Our dedicated HSA team provides personalized service to assist accountholders as they enroll, activate and manage their HSA accounts. GRB is committed to helping employees build tax-free savings to pay for healthcare expenses.
Employee Resources for Establishing and Managing HSAs1 Other fees may apply for such things as account closings, ordering checks or insufficient funds. Contact GRB at 585.249.1540 for a list of fees.
2 HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Most states recognize HSA funds as tax-free with very few exceptions. Please consult a tax advisor regarding your specific situation and your state’s specific rules.