HSA Education
Why should employers promote their HSA benefits to employees
One way to help employees manage and save for health care related expenses is through a health savings account (HSA). An HSA is a helpful, cost-effective financial tool for those with qualifying high-deductible health insurance plans to cover out-of-pocket costs. Contributions to these accounts aren’t subject to federal income tax, which is a significant value to employees, yet one-third of employees never open an account.
Employees have many common misconceptions about HSAs. Here are some quick facts:
- An HSA is different from a flexible savings account, yet a recent survey found that 65% didn’t know the difference.
- You don’t lose your HSA, even if you change health plans or jobs, or retire.
- Your HSA funds roll over to the next year, so you don’t have to worry about using your funds before the year ends.
- HSAs provide three different tax advantages: contributions are pre-tax, these contributions can be used tax-free for qualified expenses and HSA funds and investments accrue interest tax-free.
Employers aren’t expected to be HSA experts, so that’s where we come in. We provide employees with the information they need on the ins and outs of how these programs can benefit them.
Click Here for our HSA Education brochure 🡨 pending