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What is a Health Savings Account?
A Health Savings Account (HSA) is a tax-advantaged savings account, frequently used in combination with a High Deductible Health Plan (HDHP), which allows you and your employees to save money tax-free, exclusively for the purpose of paying or reimbursing qualified medical expenses.
Long-term savings for you and your employees
HSA-Compatible Health Plans Cost Less - As an employer, you already know about ever-increasing healthcare premiums. Lower health insurance costs and still have quality coverage for your employees with HSAs. HSAs help manage health care expenses without risking health care coverage. As an employer, you can contribute to your own HSA and your employees’ HSAs.
What are the benefits of an HSA?
Employees with HSAs tend to become more involved in their healthcare decision making, which in turn helps your employees become better health care consumers with Health Savings Accounts. More easily drawn upon for emergencies than their IRA counterparts, HSAs can "roll over" year-to-year to create a sizable retirement nest egg, or can be seen as a “rainy day" health care savings plan. These savings are owned by the individual and can move from employer to employer.
Did we mention tax savings?
A properly established HSA program allows contributions by employees and you as their employer to not be included in gross income – they are tax-free. Payouts for qualified medical expenses are also tax-free. Accumulated interest and dividends are tax-free or tax-deferred.
*Tax exempt status depends upon individual circumstances. Check with your tax preparer or legal counsel to determine your eligibility.
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