Many companies are in the middle of their open enrollment period, and health savings accounts (HSAs) are offered by more companies than ever before. But, because not everyone can be experts on HSAs, it may be difficult to answer questions that employees might have. Your employees need to know the best way to use an HSA to maximize their benefits and ensure they are spending HSA funds on qualified medical expenses. You may be wondering how an HSA can benefit your business. Fortunately, there are some useful resources for employers and employees who are looking to educate themselves about HSAs. Check out our top 3 reccomendations:
Since HSAs are already tax-advantaged accounts, fees are the largest obstacle to the potential growth of the HSA amounts you are saving for the future. There are a number of different HSA providers in the marketplace and, as a consumer, you need to know where fees may be hiding. Over the long term, it can result in significant losses and missed earnings.
Due to its tax advantages, the IRS has certain rules when it comes to the administration of HSAs. This places HSA providers in a unique position in the marketplace. For the most part, HSA providers want to provide a service to help people, but at the end of the day, they are businesses. And like all businesses, they are established, first and foremost, to make a profit.
Preparing for retirement and old age can be a challenge, but everyone has to start thinking about it at some point in their lives. Many businesses offer retirement plans for employees, but how does an employer choose a plan that not only helps their team members but is also cost-effective and contributes to business goals? The answer might include considering your employees’ health and wealth together. Here’s what we mean:
You may have heard in the press or from a politician that, “The American healthcare System is broken.” It seems that, politically at least, neither side of the aisle can agree on what solution would be best for the nation.
Offering a health savings account (HSA) to your employees is a great way to help them take control of their health benefits and prepare for retirement. If they are not familiar with HSAs, they may have some questions about how HSAs can benefit them and their families. The following are answers to 10 common questions about HSAs that employees may ask.