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Health Savings Account


A relatively recent development, Health Savings Accounts (HSA) is a corollary to high deductible medical plans.  Created to be used in conjunction with a qualified medical plan, a bank account is established where money is deposited by either employer and/or the employee, on a tax-free basis.  The bank account earns interest and the money, controlled by the insured, is spent tax-free.  Any balance remaining at the end of the year rolls over to the next year, and becomes an IRA at retirement.  Expenditures must be on qualifying medical expenses and there are loan provisions just as in a 401(k).  Money held in the account is used at the discretion of the employee while employed and is portable upon termination of employment. 
 
An HSA can be a great way to:
 
Control health insurance costs
Give greater flexibility to employees and employers
Promote greater wellness and consumerism within a population
 
HSAs can be arranged and communicated in several different ways.  Your team of benefits professionals at Larry Sherwood & Associates can show you creative ways to make them work for you.

 

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