Health Spending Accounts (HSA)
A Health Spending Account (HSA) is a specialized plan for health care spending. It can be an alternative or supplement to a traditional employee group benefits plan.
Traditional plans might include items that your employees don’t necessarily want and/or not cover other items that are important to you. An HSA plan allows you and your employees to have more control, they can choose which healthcare services they want to use and to fund through the benefits dollars. With an HSA plan expenses that are not fully covered by traditional plans may be eligible expenses.
It does not cost anything to open and HAS account and HSAs can be written off as a tax-free business expense. An employer or business owner deposits funds on pre-tax basis into the HSA account for themselves and for their employees.
It is easy to set up we would send you an enrollment form online or in paper format. You just add your employees and define the contributions. The HSA system will send them a personal account link to setup their profile, name their dependents, view their account status and submit and track claims online. For more information please contact us.
About the Author
Neil Lecky is a Life Insurance Advisor, Group Employee Benefit Specialist and an Investment Funds Advisor with Alliance Financial Group. He is also a Branch Manager and Investment Funds Advisor with Investia Financial Services Inc., a mutual fund dealer.