PLAN
HEALTH SAVINGS ACCOUNTS BENEFITS Amy Orr
HSAS + INDIVIDUALS = WIN HSAS WORK FOR YOU
HSAS EARN INTEREST
HSAs combine high-deductible health insurance with a taxfavored savings account. Money in this account can help pay:
Insurance deductibles Out-of-pocket expenses Qualified medical expenses including vision, dental, prescriptions and doctor visits
HSAS HAVE TAX BENEFITS Contributions are 100% tax deductible up to the annual limit*.
Any money left in the savings account earns interest tax deferred and is yours to keep year after year – unlike a Flexible Spending account, there is no “use it or lose it.” Also, check to see if your employer matches contributions. If so, your employer’s contribution is pretax, so you’re not charged federal income tax on it.
And, withdrawals are tax free as long as they’re used for qualified medical expenses, even in retirement.
$3,450 /YR. for individuals
$6,900/YR. for families
+ $1,000/YR. if you’re over age 55
*2018 IRS guidelines for qualifying HDHP and contributions.
HSA IS YOURS FOR LIFE
Take it with you if you change jobs.
HSAS + EMPLOYERS = WIN WIN As a business owner, figuring out how to reduce costs associated with employee healthcare benefits is probably a top concern. One option might be to provide your employees with a High Deductible Health Plan (HDHP) along with a Health Savings Account (HSA).
EMPLOYER BENEFITS
EMPLOYEE BENEFITS
Lower insurance premiums
Lower monthly premiums
FICA savings
Contributions made pretax, earn interest and never expire
Lower annual premium increases Improved employee retention and attraction
Build savings for retirement
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