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HEALTH SAVINGS
ACCOUNTS FOR SELF EMPLOYED AND EMPLOYERS
If you’re self-employed, tax-free
HSAs could be a smart choice. You are eligible to open these savings
accounts if you are covered by a high deductible health insurance plan
that has an annual deductible of at least $1,100 for individual coverage. If
you already have medical savings accounts (MSAs), you can roll the amounts
over into a new HSA. Your contributions to HSAs are deductible, even
if you don’t itemize.
Providing attractive health care benefits
doesn't have to be expensive. An employer-sponsored HSA can help you
share the cost of health care with employees in ways that benefit your
employees and your business. HSAs are available to eligible
individuals who are covered by an HSA-qualified high deductible
health plan (HDHP). Your business can provide HDHP coverage, or employees
can obtain the coverage on their own.
Benefits to employers who offer
HSAs:
- Share the
cost of health care benefits with your employees giving them
a way to build a savings account with tax benefits—a
win-win for all parties.
- Avoid most of the costs and hassles of administering benefits.
Employees self-administer their HSAs, so there is minimal administration
for your business.
- Contribute in a lump sum, or any frequency you choose, to your
employee's HSA; also, no minimum contributions are required.
- Enhance your benefits package by adding health care benefits,
which will help you attract and retain your employees.
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Your employees also benefit
from an HSA:
- Affordable health care—Your
employees pay less for premiums with an HDHP, and can use their
savings to help fund the HSA.
- Tax savings—Pre-tax contributions,
tax-free interest earnings and tax-free withdrawals when used
for qualified medical expenses.
- Control—Employees have
more control over their health care decisions. They decide
whether to save the money or use it for medical expenses they
want to pay from the account.
- Flexibility—HSA money can be used for a wide range of
health care–related expenses not typically covered by other
health care accounts, such as purchasing long-term care insurance.
- Ownership—HSA funds are
an asset that employees own. They can use it to supplement
retirement income.
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 VIEW
OUR HEALTH SAVINGS ACCOUNT VIDEO—HOW HSAs WORK
Helpful Links:
Compare: Calculate your savings by owning an HSA
Or
Challenge your Health Savings Account Smarts
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