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Health Savings Accounts

Health Savings Accounts (HSAs) can be an affordable option for you to offer extra benefits for your employees. But they aren’t health policies — they’re bank accounts to help save for future medical costs.

How Do HSAs Work?

An HSA puts your employees in control of their own healthcare — because they decide where their savings goes for their care. And they can earn interest year to year.

Your employees will deposit money right from their paycheck into an HSA, before their income gets taxed. Because they have less taxable income, it means you pay fewer taxes as well. And if you want to give them added benefits, you can make contributions, too.

They'll be able to use their HSA savings for almost any healthcare expense — from cold medicine to their deductibles. And the account builds in value — it gains interest from year to year, just like any other retirement fund.

Your employees have to use the money for health related purposes only, or they’ll get a sizeable tax penalty. But once they turn 65, they can use the funds for anything — so their HSA can eventually act as another retirement savings account.

Employer’s Advantages

As an employer HSAs can be:

An affordable way to provide extra benefits.
A tax deductible contribution.
A way to save money on payroll taxes.

Employee’s Advantages

For your employees, HSAs can be a good way to save for their future healthcare and their retirement. And they will have:

Tax-free savings accounts just for their medical expenses.
Earned interest from year to year.
Savings to help with their out-of-pocket healthcare costs, like deductibles and co-payments.

Finding The Right HSA Plan

To be eligible for an HSA, your employees will need to be enrolled in a high deductible health plan. Group PPO health plans with a higher deductible than $1,050 are common partners with an HSA.

And you can find group health plans for your employees and start them saving with an HSA, with our expert advice. Get in contact with us to explore the different group high deductible plans.