Health Savings Account (HSA)

A Health Savings Account (HSA) is a tax-advantaged savings account whose funds may be used for qualified healthcare expenses at any time without federal tax liability. An HSA must be paired with an HSA qualified high-deductible health plan, but once established, the account (and the funds within) belongs to the individual. Contributions to HSAs may come from employers, individuals, or a combination of both. Unused funds within an HSA account roll over from year to year and earn interest just like a regular savings account. Health Savings Accounts put individual account-holders in control of their healthcare dollars and encourage greater consumerism when it comes to healthcare spending.

Northrim Benefits Group's affiliation with Northrim Bank allows us to provide financial vehicles, like HSAs, for various benefit plans under an integrated and seamless approach to our clients. We work together with Northrim Bank to set up HSAs for our clients' employees and act as a liaison with the bank for ongoing support and maintenance of this coordinated benefit.

To learn more about Health Savings Accounts with Northrim Bank, click here. Contact us today to set up a consultation with one of our benefits advisors who can help determine if an HSA plan is right for your business.