Benefits of an HSA Account
A Health Savings Account (HSA) is a tax-favored account that allows employees enrolled in a high-deductible health plan, set aside money on a pre-tax basis to pay for qualified medical, dental, and vision expenses. For maximum tax savings, HSAs can be paired with a Limited FSA.
HSA contributions are tax-deductible and earnings are exempt from federal income taxes. Paylocity offers the added benefit of a Section 125 Cafeteria Plan where HSA contributions are made on a pre-tax basis, resulting in employers experiencing a 7.65% savings in FICA taxes.
Triple Tax Savings: Funds go in tax-free, grow tax-free, and are distributed tax-free for qualified expenses.
Other Perks: Accounts are individually owned and portable; plus, unused funds rollover and have investment options.
Paylocity is revolutionizing the TPA industry with technology that has simply never existed before—creating a truly convenient and unified employee experience. Navigating the complex world of third-party administrative (TPA) benefit services, such as FSAs, HSAs, TMAs, POPs, HRAs, and COBRA have never been easier.
For additional information, please contact our Client Support Team at (833) 423-8891 or firstname.lastname@example.org.
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