Date post: | 23-Aug-2014 |
Category: |
Healthcare |
Upload: | weatrust |
View: | 62 times |
Download: | 4 times |
05/27/2014Sean Whinnery – Account Executive
Greg Cieslewicz – Communications Specialist
Are HSAs right for you?
What is an HSA?
An HSA Defined• Health Savings Account• Requires a qualifying high deductible
health plan• Funds in an HSA can pay for qualified
medical expenses (as outlined by the IRS)
**HSA funds can be withdrawn to pay for non-medical expenses at a penalty
• $1,250 Single Deductible / $2,500 Family Deductible
• $6,350 Single Out-of-Pocket Maximum / $12,700 Family Out-of-Pocket Maximum
What plans qualify for an HSA?
Why would someone want an
HSA?
HSA Advantages
Employer and Employee can
contribute tax free
High level of healthcare
consumerism
Employees can contribute their
own money
HSA Disadvantages
Employer contributed money
belongs to the employee
Less employer control than an
HRA
Employer cannot determine what expenses qualify
How does funding work with an HSA?
HSA Funding• Employer can choose whether or not to
fund.• Employees can contribute • Contribution limit set by federal law• Contribution limits are shared by employee
and employer
HSA Funding• Funding Options:
– One-time seed money– Matching contributions – Quarterly, monthly, or other repeating
contribution
What else should people remember
about HSAs?
Other HSA Questions• Will the employer provide seed money or
fund the HSA in some fashion?• Will the employer set up a banking
relationship for their employees?• Will the employer set up automatic
paycheck deductions for employees who want them?
• Will the employer use an employee education program to help their employees understand HSAs?
Questions?