Business Savings Accounts

• Actual medical expenses such as prescriptions, doctor visits, dental care, medical care transportation, etc.
• Long-term care health insurance
• Healthcare coverage
• Unemployed or Benefit Continuation
• Some health insurance after the age of 65

Note: Uses of HSA assets that are not qualified will be subject to taxation, and a 20% penalty unless the HSA account beneficiary is age 65 years or older is disabled or dies.

You are eligible if you have a high-deductible health plan (HDHP) and you are not covered by any other health plan that is not an HDHP (with limited exceptions). You are not entitled to benefits under Medicare (generally not yet age 65). If someone else cannot claim you as a dependent on their tax return.

The total amount you or your employer may contribute to an HSA for any taxable year depends on whether you have individual or family coverage under a high-deductible health plan.

2024 HSA Contribution Limits: Self Only: $4,150 Family $8,300. If you are 55+: Self Only: $5,150, Family: $9,300. 

Horizon Bank will provide all necessary tax documents for your filing purposes.

Self-employed people may have an HSA. Self-employed individuals are often perfect candidates for an HSA. HSAs are ideal for the self-employed for the following reasons: Often, High-deductible insurance plans contain significant premium costs, and HSAs can be a useful cost management resource for the employer. The employer is protected from substantial healthcare expenses. The HSA may provide for both retirement and medical expenses.

Control - Your employees' have control of their money. They decide whether to save it or use it for medical expenses. They can also choose which expenses to pay from the account.

Flexibility - HSA funds can be used for a wide range of healthcare-related expenses not typically covered by other health care accounts, such as purchasing long-term care insurance.

Easy payment tracking - A Visa HSA debit card makes payment easy, and spending can be tracked via secure online banking or mobile app.

Ownership - The money your employees save will remain with them regardless of employment status. An HSA is a lifetime account that is not tied to any one health plan or employer.

A Certificate of Deposit (CD) is a savings certificate that entitles you to receive interest, restricting you from withdrawing on demand without incurring a penalty. 

By opening the CD, you agree to leave your one-time deposit in the account for a fixed amount of time. In exchange for agreeing to a set term length, you get a fixed interest rate, typically one that is higher than a traditional savings account. Generally, the longer the term length, the higher the interest rate.  Keep in mind, you often cannot access your money until your CD term ends without incurring a penalty. CDs are a great way to reach your savings goals faster-using money that you don't need immediately.

CDs are a great way to make your wealth grow, so long as you have clear financial long- or short-term goals in mind for your money. With competitive rates of interest, you may get the most return on your money with this type of savings.

How much interest you earn on your CD will depend on how much you deposit, your specific term, and your interest rate. Contact a Horizon Bank advisor to review your rate and term options to see how much you can earn. You can also use a CD calculator to get an estimated return.

Most Horizon Bank CDs require a minimum deposit of $500 to open an account.

Often you cannot add money to an existing CD, yet you can open additional CDs for a shorter or longer term. 

If you choose to withdraw money from your CD before it matures, you will likely have to pay a fee called an early withdrawal penalty.