Health Savings Accounts FAQs
Learn About Managing Your Health Expenses With An HSA
What is a Health Savings Account (HSA)
Health Savings Accounts are savings accounts that allow individuals to pay for qualified out-of-pocket medical expenses using pre-tax dollars.
What is an HDHP?
An HDHP is a different type of health plan. Under an HDHP individuals are covered for large expenses and pay for their day-to-day expenses, usually up to the amount of the deductible. In order to meet the requirements an HDHP must have a deductible of at least $1,300 for individuals or $2,600 for families (based on the 2017 IRS limits) plus certain total out-of-pocket expense maximums. Learn more at our HSA Resource Center.
How do employers benefit?
By moving to a high deductible health care plan, employers and employees will become more involved in their healthcare decision making. Employers also stand to save money as the premiums on high deductible plans are often much lower than more traditional health plans. Click here to see an example.
Additionally, properly structured HSA contributions are considered employer provided health coverage and excludable from your corporate gross income, not subject to withholding and other employment taxes. Learn more at our HSA Resource Center
How do employees benefit?
HSAs are analogous to medical IRAs, providing employees with an account from which they can control their medical expenses. Learn more at our HSA Resource Center
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