Health Savings Accounts

Reduced Premiums – you can reduce your insurance premiums substantially by switching to an HSA-qualified high-deductible health plan.

Lower Fixed Costs of Health Insurance Plan – 2 Components of the plan; premium and account funding can be decided independently, and reviewed annually

Deliver more Benefit Dollars to Employees – Instead of paying 100% of insurance dollars to a carrier, you can deliver some of those dollars directly to employees by funding the account.

Provide Incentives to Employees to Get Involved with Healthcare Decisions – by re-allocating insurance premium dollars to individual accounts, individuals have incentives to get involved with the process and get the biggest bang for their buck.

Tax savings – your contributions to the HSA are made with pre-tax dollars

Control – you can use the HSA to pay for any qualified medical expenses, as defined by the IRS. There’s no need for preauthorization of services unless explicitly stated by the plan.

Savings and Investments – unlike premiums, unused HSA dollars remain in the HSA until you use them later.

Flexibility – “Health Care” dollars can pay for items identified by the health insurance plan, but also a much broader definition as defined by the IRS which includes dental, vision, orthodontia, over the counter medicine, and others (not all of these are applied to deductible) these may be things individuals are currently routinely paying for using post-tax dollars.

Portability – if you leave your current employer, you can take your HSA (the account) with you.

Tax savings – your contributions to the HSA are made with pre-tax dollars, so individuals will lower income taxes.

No Use-it-or-lose-it – balances roll from year to year, so you don’t need a crystal ball to forecast medical expenses in the next year.

Easy access — easily pay your medical expenses using your HSA debit card or checks.