A Health Savings Account (HSA) is one of the two things that our federal government has done in recent years for those of us who are willing to work for a living. (The other one is the Roth IRA.) The government requires a high deductible insurance policy to get the HSA tax deduction.
An HSA is an individual medical savings bank account. It can be tied to an individual or a group health policy. The money in this account is tax deductible and can be used for most medical expenses. It’s great for expenses that aren’t covered by the health insurance plan, like dental and vision, and for deductibles and co-insurance. That means that you are paying for these things with pre-tax money!! What could be sweeter?
The money in a HSA account belongs to the account owner forever. This is not a “use it or lose it” proposition! The plan is to help people make smart medical choices because they’re spending money from their own account. And the plan really works great!!
Employees really love seeing the money in their HSA account grow! If some of that money is coming from you, their boss, that makes you an even bigger hero! It’s a win-win for you and your employees! They will work for you forever!!
For a Personal Group Health Insurance ConsultationContact me today, and let’s talk!