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HSA
With the rising cost of health care, your employees have most likely added health-specific concerns to their growing lists of financial stressors. If you’re looking to help them better prepare for these often unforeseen expenses, consider offering a Health Savings Account in conjunction with a high deductible health plan.
HSAs allow participants to defer income into their accounts on a pre-tax basis, invest the money in mutual funds without paying on the gains, and draw on the funds for health-care expenses tax-free.
How are they different?
Unlike an IRA, there are no income limitations for making tax-deductible contributions. Different than FSAs, your employees are able to keep the contributions they don’t spend, and any excess funds are rolled over to help them plan for future health care expenditures.
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