Top 8 Things to Know about Health Savings Accounts.
HSA’s are a hot topic, especially this time of year. Some people might be hesitant to elect one as their insurance plan, due to lack of information. They might greatly benefit you as an employer and your employees.
1. Reduction of $– Reduce employer and employee premiums. You can utilize this feature by electing a high deductable plan that is compatible with an HSA
2. Deliver More- You can deliver more to your employees. Instead of paying all the money to the insurance company you can deliver more value to them by paying the dollars into their HSA account.
3. Save- Save on taxes, because contributions are pre tax.
4. Portable- If you pull out of the plan the money is always yours. It is not a "use it or lose it" deal.
5. Small fees– Account maintenance fees are small and tax deductable.
6. Reluctance from agents– Usually insurance agents are reluctant to offer these because it reduced their commission.
7. Stop Funding– As an employer you dont have to fund forever. It can be a temporary gift until a good balance is reached.
8. Share- With an HSA you can share the management of healthcare decisions with your employees to get the biggest bang for your buck.