Approximately 22 million Americans and growing are enrolled in an HSA with a high deductible health plan.
What is a Health Savings Account HSA?
In a nutshell, an HSA is a tax-free investment in which the money invested is earmarked exclusively for medical expenses. You as an employer (or your employees) put pre-tax dollars into an investment account that grows your money tax-free. Leaving more of the money available to you to be spent on qualified health care costs. It’s truly a win-win-win!
What are the requirements for opening an HSA?
In order to contribute to an HSA, you need to be covered under a high-deductible health plan(HDHP). For 2019, you must have a health insurance policy with a deductible of at least $1,350 for single coverage or $2,700 for family coverage.
What are the advantages of an HSA?