Health Savings Accounts are the newest benefit option in the Consumer Driven Health Care (CDHC) revolution aimed at reducing the cost of healthcare. HSAs allow employees who are covered under a qualified High Deductible Health Plan (HDHP) to benefit from TAX-FREE contributions, distributions and earnings to pay for out-of-pocket medical expenses. Unlike FSAs, these accounts are not subject to the “use-it-or-lose-it” rule and unused funds rollover from year to year. Account holders are able to save for current and future healthcare costs. HSAs serve as a supplemental retirement investment fund from which withdrawals can be made without penalty and taxes as long as they are used for eligible medical expenses. McGregor & Associates, Inc. provides a full range of administration services including a claims vault to electronically store receipts, employer and employee consulting, voluntary expense certification, and tax reporting.
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