An HSA is a great complement to a high-deductible health plan, especially when factoring in tax savings and other advantages. In addition, savvy users can take advantage of some creative ways to maximize HSA benefits even more through these easy-to-follow tips:
To those who don’t quite understand how HSA-qualified plans work, a high deductible seems daunting. Many may say that they can’t afford the high-deductible and so they select a traditional plan and pay the significantly higher premiums typically associated with it.
Because HSA-qualified health plans have higher deductibles, the burden of upfront medical costs is more immediately apparent to those who have this type of coverage. The plans usually have smaller monthly premiums, but the trade-off is more out-of-pocket expenses before insurance kicks in. While at first, this may be perceived as a negative, knowing you’re on the hook for more of your medical bills may actually push you to find smarter ways to put your HSA dollars to work and save.
No one wants to leave free money on the table. That’s why incentivizing employees with an HSA match can be an effective strategy to increase use and satisfaction of an HSA-qualified health plan. To best maximize the value of your matching program, keep the following ideas in mind:
Last month, the United States Congress passed legislation that significantly overhauls the nation’s tax laws, including (among other things) lowering corporate tax rates, increasing the standard deduction, capping the mortgage interest deduction and eliminating many other deductions.
The law also included some provisions that affect the healthcare industry, including some minor parts of the law related to health savings accounts (HSAs). Here are a few things to note:
As a small business owner, you may have considered offering your employees health savings account (HSA) as part of your benefits package. In this post, we’ll explore this topic a little deeper, and outline some important reasons why it can benefit you and your employees.