| Benefits for Employers |
| Cost Savings |
- Significantly lower healthcare premiums
- Reduced workers compensation and Social Security costs, when HSA is funded through payroll deductions**
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| Convenience |
BB&T offers the HSA and the IRS-qualified HDHP.
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| Stability |
Some healthcare providers administer HSAs. However, when you opt for a BB&T HSA, you can change providers without affecting your employees' accounts.
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| Peace of Mind |
Allows you to provide good coverage for your employees, while staying within your budget
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| Eligibility |
An HSA must be linked to an IRS-qualified HDHP, which includes these features:
- Deductible of at least $1,100 for individual coverage or $2,200 for family coverage†
- Annual out-of-pocket expenses (including deductibles and co-pays) not exceeding $5,600 for individuals or $11,200 for families†
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| Benefits for Employees |
| Tax Advantages‡ |
- Deposits into the HSA are tax deductible.
- Withdrawals for qualified expenses are tax free.
- Interest accumulates on the balance tax free.
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| Account Ownership |
Each employee owns their HSA and can take it with them if they switch jobs or retire.
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| No Lost Funds |
Year-end balances roll over. No "use-it-or-lose it" provision.
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| Investment Options |
Mutual funds investment sweep option available when account balance reaches $3,000††
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| Personal Attention |
Assistance available from BB&T representatives at any financial center and through BB&T Phone24
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| Convenience |
- Free BB&T Benefit Access Visa Card linked to the HSA makes using account funds easy.
- Deposits can be made through payroll deductions or at any BB&T financial center.
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| Online Account Access |
- Easy online account management through dedicated HSA portal
- Online payment of medical bills with HSA funds using free BB&T OnLine® Bill Payment service
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The tax information set forth above is written to support the promotion or marketing of health savings accounts and it is not intended to be used, and cannot be used, for the purpose of avoiding US federal tax-related penalties. Each person considering opening a health savings account should seek advice, based on the person's particular circumstances, from an independent tax advisor.
* Qualified medical expenses are defined by the IRS, and may change periodically.
**Please consult your tax advisor to see if you qualify for any cost savings.
† These figures are adjusted annually for inflation.
‡ BB&T does not offer tax advice. Employees should consult their legal or tax advisor regarding individual tax circumstances.
†† Past performance of mutual funds, annuities, and other investments does not guarantee future results. An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund's prospectus. To obtain a prospectus, please go to BBTFUNDS.com. Please read the prospectus carefully before investing. Mutual funds, annuities, and other investments are:
- Not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States Government, Branch Banking and Trust Company, or any affiliate;
- Not deposits or other obligations of Branch Banking and Trust Company or any affiliate;
- Subject to investment risks, including possible loss of the principal amount invested.
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Need to lower your company's healthcare costs? Our solution allows you to provide comprehensive coverage for your employees without strapping your budget: pair a health savings account (HSA), with an IRS-qualified high-deductible health plan (HDHP). Because HDHPs have higher deductibles, they have lower premiums, providing you significant savings.