HSA Administration

004-medical

 

In our ever changing health insurance world we are seeing more high deductible plans than before.  HSA's are the next logical addition to your benefit offering to your employees.  Contributions to an HSA made by the employer may be excluded from the employee's gross income and the account is portable from one employer to the next or even when an employee leaves the work force.  Employees can claim a tax deduction for their contributions and the interest on the assets in an HSA account are tax free.

In order for an employee to be eligible and qualify for an HSA he/she must be covered under a high deductible health plan (HDHP), have no other health coverage (except permitted), not enrolled in Medicare and not claimed as a dependent on someone else's tax return.  Please note that you can have both a limited purpose FSA account (covering dental, vision and preventive care expenses only) and make contributions to an HSA.

 

Health Savings Account (HSA) plans are a great way to control the cost of your healthcare expenses.

  • HSA plans allow for preventive care up front. For all other services, the deductible must be met before the insurance pays the majority of expenses. 
  • Pair your plan with a HSA account to maximize your tax savings. 
  • Contributions do not need to be used each year and can remain in the account and earn interest until your need it.
  • Once you attain the age of 65 you can continue to use the account for medical expenses or as retirement savings - you choose.
  • This plan is a great option for those that do not have a lot of medical expenses or would benefit from the tax savings.

 

 Ask Murfee Meadows if a HSA plan would work for you.