If you have a High Deductible Health Plan (HDHP), HSAs are a great way for employees to save money and plan for their healthcare needs, now and in retirement. With their triple-tax advantage, HSAs are quickly becoming one of the most popular employee benefits.
Flex makes HSA administration easy for employers. Our industry-leading technology gives your employees the tools and resources they need to get the most from their HSA. Plus, our unparalleled service ensures a stress-free benefits experience for you. We take the hassle out of benefits administration so that you can worry about more important things.
Employer contributions to the HSA are tax-deductible, and both
employer and employee contributions avoid Medicare and
Social Security taxes. HSAs can also reduce your premiums, as
HDHPs usually have lower premiums than traditional health plans.
Plus, employees who have an HSA are typically more cost-conscious consumers who have lower healthcare costs, which can translate to
even more premium savings are renewal time.
HSAs present many benefits for employees as well. Not only are HSA contributions tax-free, but balances roll over from year to year, earn interest and can be invested. They are also a great retirement savings vehicle. Unlike a Traditional IRA or 401(k), distributions from an HSA are not taxed if used for qualified healthcare expenses in retirement.
For those employees who need to spend their HSA funds on their current healthcare costs, the HSA is a family affair. Employees can use the HSA to pay for eligible expenses for their spouses or dependents-even if they aren't covered by an HDHP.
Stacking HSA, FSA, HRA and Commuter Plans on one debit card makes using benefits simple
Low investment threshold and an integrated investment account with
Easy online enrollment, contributions and plan management
Easy plan setup and personalized
Integrated claims and enrollment with leading health plans
Health Savings Accounts (HSAs), in combination with a qualified high-deductible health plan (HDHP), are usually touted as a way to lower insurance premiums and pay for out-of-pocket medical expenses with tax-free dollars.
The Health Savings Account (HSA) market has grown rapidly in the past decade. More than 21 million people currently have an HSA and there’s still plenty of opportunity for growth. In fact, a recent report projects 30 million HSAs by the end of 2019.
While we continue to hear about the rapid growth of Health Savings Accounts (HSAs), there is one feature about Health Flexible Spending Accounts (Health FSAs) that keeps some employees enrolled in this type of consumer-driven account (CDA). That’ s the uniform coverage requirement of Health FSAs.