Employer - Health Savings Account (HSA)
How HSAs Work
A health savings account, paired with an HSA-qualified health plan, allows members and employers to make pre-tax* contributions to an federally-insured account that can be used to pay for qualified medical expenses. Contributions made by you or your members through payroll deductions result in FICA** and income tax savings. HSA balances earn tax-free interest and roll over from year to year. HSA-qualified health plans typically cost less than traditional plans and the money saved can be contributed into an HSA for immediate use or long-term savings.
Why Offer HSAs?
Maximize benefits offerings
In today’s competitive job market, attractive benefit packages are essential to securing key talent. An HSA-qualified health plan, supplemented with employer HSA contributions, maximizes benefits offerings while maintaining cost control.
HSA funds never expire
Unlike flexible spending accounts (FSAs), all remaining HSA funds roll over each year and are available for qualified healthcare expenses even if an employee changes health plans, retires or leaves a company.
COBRA and Medicare premiums
Your HSA dollars can be used to cover COBRA and Medicare premiums. This makes the HSA an even more valuable tool to save for future medical expenses.
A sure win healthcare reform
HSA-qualified plans are an effective way to help ensure compliance with the Patient Protection and Affordable Care Act (PPACA) and avoid expensive ‘Cadillac-tax’ penalties.***
HSAs empower health savings
By offering an HSA-qualified health plan, you enable your employees to make savvy financial decisions and save for future healthcare expenses.
Please call (518) 885-6781, visit any BSNB location or send us a Secure Email.
We have more.
Better U modules cover a range of key financial concepts from paying for college to planning for retirement. Take advantage of this FREE resource to improve your financial literacy at your own pace!