- Health Benefits
- Health Savings Accounts
If you’re looking for innovative health care solutions to attract and retain employees, consider offering a Health Savings Account (HSA).
One of the many benefits of an HSA includes allowing your employees to save pre-tax dollars for health-related expenses. With an HSA, you can invest your dollars so they grow and assist you with retirement expenses. Because HSA amounts are nonforfeitable, contributions can increase savings for future health care needs, even into retirement.
HSAs and HDHPs
To be HSA-eligible, an individual must be covered under a qualified high-deductible health plan (HDHP). HDHPs generally have lower monthly premiums and higher deductibles than traditional health plans, and an HSA can cover medical expenses until the HDHP deductible is reached.
The funds that are contributed to the HSA can cover expenses until the deductible is satisfied.
Advantages of an HSA
Using an HSA has multiple federal tax benefits:
- Contributions are tax free
- Interest and other earnings on HSA contributions accumulate tax free
- Amounts distributed from an HSA for qualified medical expenses are tax free
Tax Exclusion Limits
|2023 HSA Annual Limits||Single Coverage||Family Coverage|
|HDHP minimum deductible||$1,400||$2,800|
|HDHP out-of-pocket maximum||$7,050||$14,100|
|HSA maximum contribution||$3,850||$7,750|
Take the Next Step.
To learn more about how our HSA services can stretch the value of your benefits package, contact us today! Call (800) 436-6689 or fill out the form to the right.