Top workers often come to - and stay with - businesses that offer attractive benefits packages. Through Cashmere Valley Bank, your business can add a cost-free benefit that helps employees set aside money for future medical expenses. Health Savings Accounts offer tax benefits and other features that contribute to your team's physical and financial well-being.
- For individuals and families with high-deductible medical coverage
- No charge to employers for offering accounts to employees
- Contributions can come from pre-tax employer paycheck withholdings
- Contact your local branch for contribution limitations
- Annual interest earnings are tax-exempt and distributions for qualified medical expenses are tax-free
- Funds can be accessed at Cashmere Bank branches, with free Visa debit card or through Online, Mobile or Telephone Banking
- Account interest rates are tiered, so the more your employees save the more they earn
- Unused funds in any one year automatically roll over to the next year
- $100 initial opening deposit required
- $2.50 monthly fee for employees can be waived with $500 minimum aggregate average daily balance between checking, savings and time deposit accounts - or $2,500 minimum daily HSA balance
Qualified Medical Expenses
HSA withdrawals are tax-free and penalty-free if used for qualified medical expenses. See IRS Publication 502 for a comprehensive list of qualified expenses. Examples include:
- Medical exams
- Dental treatment
- Prescription medications
- Medical equipment
- Chiropractor treatments
- Vision treatment and hardware
- Hospital admissions
- Home nursing care
Account Fees
- Overdraft Paid Item Fee1 - $25.00 per item
- Stop Payment2 - $25.00 each
- Box of checks - prices vary
(1) Overdraft items can be created by check, in-person withdrawals, or by electronic means (including recurring transactions) other than point of sale (POS) or ATM transactions.
Maximum of five (5) fees per business day.
(2) A request made by you, ordering the Bank to not pay a check or a series of checks that have been written but not cashed.