Health Savings Accounts
Health Savings Accounts (HSA) are a tax-exempt trust or custodial account that you can establish with a qualified HSA trustee that can be used to pay for or reimburse yourself for medical, dental and vision expenses that you incur.
The Benefits of Health Savings Accounts (HSA) Include:
- You can claim a tax deduction for contributions made to your HSA.
- Contributions to your HSA made by your employee may be excluded from your gross income.
- Contributions remain in your account from year to year until you use them.
- Interest or other earnings on the assets in your HSA are tax-free.
Some of the Rules that Apply to Health Savings Accounts Include:
- In order to participate in an HSA you must be a participant in a high-deductible health plan (HDHP).
- An HDHP, at a minimum, must provide for a deductible of at least $1,350 for single individuals and $2,700 for participants with one or more covered dependents.
- The limit that you can contribute to an HSA for 2018 is $3,450 for single individuals and $6,850 for individuals with coverage that includes one or more covered dependents.
For other rules please click here: www.irs.gov/publications/p969/index.html to view IRS Publication 969.
How The Harrison Group helps you with your HSA (Health Savings Accounts)
- Customer Service is our FOCUS – Your employees will need to devote a little bit of time paying for these out of pocket expenses and/or submitting claims for their health savings accounts. Recent studies show that only 44% of employees fully comprehend their benefits. It is critical to select an HSA administrator who not only answers the phone, but also assists employees when they have questions. We offer considerable resources to provide both onsite and online education for your employees.
- A Partner with Proven Expertise – With over 30 years of experience in the industry, our clients have come to rely on us to partner with them and their health insurance broker to provide the necessary education and benefits plan consultation.
- Concierge Customization – One size does not fit all. We offer customized solutions to meet your specific objectives regardless of your size or demographics.
- Technological Advances – We offer the latest in industry-leading technology to our clients including a web and mobile application for accurate claims submission. We also offer online education for employers and their employees.
If you have questions, please give us a call or contact us online. We will be happy to assist you.