What is a Health Savings Account?
A Health Savings Account (HSA) is a tax-free savings account designed for those individuals that have high deductible health plans. It allows individuals to save their own money to pay for current or future qualified health expenses and retiree health expenses on a tax-free basis. It also allows for employers to contribute on behalf of their employees that have a high deductible plan. It provides a way to keep monthly insurance premiums down while helping to plan for the future.
HSAs may allow your company to:
- Offer health insurance to your employees
- Lower current health insurance costs for your company and employees