- Must be covered by High Deductible Health Plan. Employer and Employee can contribute to the account.
- Expenses include out of pocket medical, dental and vision expenses along with Medicare or COBRA premiums.
Why?
Participant Benefits
- Retain all HSA funds until ready to use with unlimited rollover limits.
- Deductions are pre-tax reducing total taxable income.
- Funds can be invested and there are no taxes on invested funds or when withdrawn.
- Improves financial & mental wellbeing.
Employer Benefits
- Employer contributions are tax deductible.
- Reduced FICA taxes.
- Improves recruiting, retention and engagement.