Individuals and Health Savings Accounts
The benefits of investing in a Health Savings Account have become apparent over time. More and more people are moving towards HSA plans for the advantages they offer account holders:
- Tax Deductible Contributions
- May be eligible to claim contributions on Federal Tax Returns (even if you don’t itemize)
- Interest and Other Earnings on Health Savings Account’s are Tax-Free
- Withdrawals for qualified medical expenses are Tax-Free
- Use your HSA for the medical expenses of your family members, even if theya re on a different insurance plan
Possibly the best benefits of Health Savings Accounts is the security they provide, not only to peace of mind, but to the future.
- Full Portability
- Take your HSA with you if you change jobs or retire.
- Continue to use your HSA dollars tax free ,even if you are no longer covered by a high deductible health insurance plan.
- No Year-End Loss – Health Savings Accounts Continue To Grow, Year to Year. It is use it or keep it!
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Employers and Health Savings Accounts
Many of the benefits of choosing a Health Savings Account over a traditional health insurance plan can directly affect the bottom line of an employer’s benefit budget. For instance:
- Health Savings Accounts are dependent on a high deductible insurance policy, which lowers the premiums of the employee’s plan.
- All contributions to the Health Savings Account are pre-tax, lowering the gross payroll and reducing the amount of taxes the employer must pay.
As an added benefit to employees or an incentive to elect a Health Savings Account over a traditional insurance plan, employers may contribute to employees Health Savings Accounts.
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