Advanced Benefits

HSA

Health Savings Accounts are growing quickly as a solution to the rise in health care costs.  A Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

You must have an HDHP if you want to open an HSA. Sometimes referred to as a “catastrophic” health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn’t pay for the first several thousand dollars of health care expenses  (i.e., your “deductible”) but will generally cover you after that .  Of course, your HSA is available to help you pay for the expenses your plan does not cover.

If you are interested in offering a HSA plan for your employees, contact us at:  inquiries@benefitsmgt.com for more information.