Health Savings Account Benefits

Amy Orr

HSAS + INDIVIDUALS = WIN

HSAS WORK FOR YOU

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.

And, withdrawals are tax free as long as they’re used for qualified medical expenses, even in retirement.

HSAS EARN INTEREST

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.

HSAS HAVE TAX BENEFITS

Contributions are 100% tax deductible up to the annual limit*.

$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

Lower insurance premiums

FICA savings

Lower annual premium increases

Improved employee retention and attraction

EMPLOYEE BENEFITS

Lower monthly premiums

Contributions made pretax, earn interest and never expire

Build savings for retirement