Trusted Health Savings Account (HSA) Provider in Illinois and Wisconsin

We’re a nationally recognized provider of low-cost Health Savings Accounts (HSA) that offers a client-focused service and a tailored experience. The advantages of implementing a Qualified High Deductible Health Plan paired with a Health Savings Accounts can positively affect your bottom line and provide ample cost savings for all your employees.

What you can expect

We’re a reputable HSA provider in Illinois and Wisconsin and we’ve been using our unique QHDHP with HSAs since 2005, giving us the know-how to guide you through the entire process and provide you with the most suitable solutions for your company. Our bankers will help you understand all the minutiae concerning these accounts, including:

  • The details concerning consumer-driven health plans and why you need them.
  • The connection between HSAs and consumer-driven plans.
  • The benefits of a consumer-driven model for employers and employees.
  • The operating principles of Health Savings Accounts.
  • The comparison between HSA fees and the ability to make an informed choice.
  • The decision to offer your own HSA plan design to your employees.
  • The communication of your decision to your staff.

Your full-service bank that provides HSA accounts with unique advantages

As the leading Health Savings Account provider in Illinois and Wisconsin, we offer a robust investment selection and we’ll help you and your employees increase your HSA funds. We focus on a fast and effective process with detailed procedures that ensures quick employee enrollment.

We’ll explain how HSAs also provide you and your employees with an opportunity to save your money for future health care expenses and grow it along the way. Finally, you can count on our in-person consultations designed to fine-tune your accounts and offer any additional guidance you may need.

Advanced HSA checking accounts in Wisconsin & Illinois

HSA checking accounts are an excellent way for your employees to manage their health care expenses and their out-of-pocket expenses for health insurance premiums. Our bank is the leading HSA provider in Illinois and Wisconsin and our dedicated account specialists will slowly guide you through the entire process.

It’s up to you and your employees to decide on your weekly, monthly, or lump-sum contributions and whether you’ll use your Health Savings Account for medical expenses, long-term care, or supplemental retirement funding. All you need to do is make sure you meet the eligibility requirements:

  • Coverage by a Qualified High Deductible Health Plan
  • No other health insurance (double coverage)
  • Not enrolled in Medicare
  • Are not claimed on someone else’s tax return

Client-focused HSA Money Market Accounts

We’re a HSA provider for Illinois and Wisconsin that allows you and your employees to add value to your high-balance Health Savings Accounts with the increased earning power of a Money Market Account. We offer four different levels of tax-advantaged earnings and we calculate Annual Percentage Yields and Interest Rates according to the daily account balance.

We also offer advanced safety and security with FDIC Insurance, as well as enhanced Liquidity of Funds alongside Guaranteed Returns. You can also use our automatic transfer capabilities from checking accounts to HSA Money Market Accounts. Finally, we take no monthly maintenance fees if you and your employees maintain a daily balance of $5,000.

We know Health Savings Accounts because we’ve used them

We understand your needs because we’ve been using Health Savings Accounts since 2005. We know how invaluable it is to have a partner who can provide first-hand experience and point you away from the common pitfalls of this type of banking service. We provide you with the resources and the expertise to foster an easy and educational enrolment into a HSA program across Illinois and Wisconsin.

Frequently Asked Questions

What is a Health Savings Account and how does it work?

A Health Savings Account, or HSA for short, is a personal savings account with tax advantages that works in tandem with HSA-qualified and HDHPs, or high-deductible health insurance policies. This way, your Health Savings Account with a reputable bank in Wisconsin or Illinois represents both your health coverage and an investment.

A HSA account offers required funds for settling medical expenses that your HDHP doesn’t cover, or it’s an interest-bearing account that grows as time passes. So, a HSA can be a very good option for your company and its employees, especially long-term.

What are the most common questions about HSAs?

Some of the most common questions employers have for their Health Savings Account providers include: 

Are there any setup charges?

No! We don’t charge an enrollment fee or have a minimum deposit requirement to open an HSA. This is how we stand apart from other Health Savings Account providers in Wisconsin and Illinois. 

Is there an annual or maintenance fee?

There is no annual fee. Our bank provides HSA accounts and waives all maintenance fees for the first year of the account. Beginning at year 2, we continue to waive the $2.50 maintenance fee as long as the daily balance is $1,500 or above.

How do my employees get access to their funds?

There are several different options for your employees to receive access to the funds on their Health Savings Accounts, such as debit cards, checks, online banking. 

Can HRA or FSA balances be transferred to the new HSA?

Yes, and it’s very easy. All you have to do is take the time to complete our intuitive HSA Transfer Form and forward to us to start the process. From there you can expect our bankers to take care of everything. 

How can I contribute to my employees’ Health Savings Accounts?

Here are your options for contributing to your employees’ HSAs in Wisconsin and Illinois:

  • Direct Deposit: Employee Contributions to Blackhawk Bank Health Savings Accounts are most efficient through direct deposit from your payroll provider, so contact your payroll provider to find out if this is an option. 

Your provider will need the Blackhawk Bank’s routing number 275971854 , and the account number and type of account (checking). You will receive an HSA Employee Listing with all employees and their account numbers once the accounts are entered on our system.

  • ACH: If your payroll provider doesn't have the ability to deposit employee contributions directly to your employees’ accounts and/or you will be making employer contributions to your employees’ Health Savings Accounts, you will need ACH capabilities. If you currently bank online and have an ACH feature, you can simply add a new ACH batch to your current online banking account.

If Direct Deposit or ACH is unavailable to you, we’re pleased to offer your company Online Treasury Management Solutions. This process will expedite deposits to the employee’s account and put you in control of all deposits, eliminating check writing and mailing.

What are the benefits of Health Savings Accounts?

Some of the biggest benefits of partnering with a HSA provider in Illinois and Wisconsin and establishing these types of accounts for your employees are: 

  • Savings on taxes
  • Savings on medical expenses for coinsurance, copay, dental care, and orthodontia. 
  • Gathering tax-free interest on a Health Savings Account
  • Rollover of unused funds to the following year
  • Additional retirement savings

Can employees use HSA for dental?

Yes, your employees can use their HSAs to pay for dental expenses in Wisconsin and Illinois. Also, they can use it to pay for vision-related expenses. However, the only prerequisite is that the expenses are eligible for payment under their Health Savings Account. If they are, they can pay for such expenses for their parents, siblings, children, and spouse.

What is the most reputable bank for Health Savings Accounts in Wisconsin & Illinois?

Blackhawk Bank provides an array of specialized banking services in Wisconsin and Illinois. We have a team of knowledgeable bankers who will make the process of establishing Health Savings Accounts for your company and all its employees an easy and streamlined experience. 

With more than 100 years of industry experience and ample professional success, we take pride in helping our clients navigate the complexities of business banking. Besides working with HSA accounts, you can also turn to us for comprehensive business succession planning services and assistance with financing your campground or RV park. Feel free to reach out at your convenience. 

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