If your company offers a high-deductible health plan (HDHP), you can also offer a Health Savings Account for employees. These funds fill in the gaps from the healthcare plan while providing tax advantages.
A Health Savings Account is a personal savings account that allows employees to set aside pre-tax dollars for current and future healthcare expenses for themselves and their dependents, even if they are not covered under your company’s healthcare plan.
Employees who are enrolled in an HSA-eligible high-deductible health plan are eligible to open an HSA. Employers have the option to contribute to their employees’ HSAs as well. Health Savings Accounts cover expenses like copayments, deductibles, coinsurance and prescription drugs.
Family: + $100
(deductibles, copays, and other amounts, but not premiums)
Members can swipe their Difference Card for HSA funds immediately upon contributions being made to an HSA Account.
An HSA is also a powerful investment vehicle and can be a smart addition to a retirement strategy! For example, investing just $600 a year for 25 years into an HSA would give you $30,668 at retirement and would save you $4,050 in taxes!
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