NEW YORK, April 26, 2018
/PRNewswire-iReach/ -- HSA administrators, Clarity Benefit
Solutions, shares eight benefits of a Health Savings Account
(HSA).
HSAs can be used to pay for current health care expenses as well
as future expenses. Employees must be covered by a High Deductible
Health Plan (HDHP) to participate in an HSA. Clarity shares eight
pros to having an HSA.
- The contributions are tax-deductible. The funds that
employee set aside for an HSA account are tax-deductible. If these
contributions are made through a payroll deduction, the HSA funds
are pre-taxed.
- The interest earned is tax-free. All monies placed into
an HSA account are tax deductible off gross income. Plus, these
funds grow tax-deferred.
- HSA account holders may make tax-free withdrawals for
qualified medical expenses. Vision and dental expenses,
deductibles, co-pays, and prescription drugs are among the eligible
expenses an HSA covers.
- HSA funds can be rolled over to the following year.
Fortunately, unused HSA funds can be used the next year—without a
"use it or lose it" policy. Plus, there is no maximum carry-over
amount when it comes to HSA funds.
- The employee owns the HSA account. The account holder
has control over how much money is set aside in the HSA account,
how these funds are spent, and what the money goes toward. The
employer may contribute to the HSA, but the employee owns it—even
if he or she gets another job.
- HSA funds are immediately accessible. Funds placed in an
HSA account are immediately available to the account holder.
- HSA monies can be set aside for medical expenses incurred in
retirement. Although this benefit is not discussed often, HSAs
can be used to save money for medical expenses incurred during
retirement—a time when health expenses are known to increase. In
this way, HSAs can be thought of as a tax shelter.
- HSA funds can be used for unconventional expenses. At
times, there are medical expenses and situations that go beyond
doctor/specialist visits and procedures that are qualified HSA
expenses. Examples include alcoholism treatment, treatment for drug
addiction, and psychiatric care. HSA monies can also go toward
weight loss relating to obesity treatment (provided a physician
prescribes it) as well as those who need physical therapy while
recovering from an accident or injury.
About Clarity Benefit Solutions: Clarity Benefit
Solutions provides technology that makes the health insurance plan
selection process fast, easy, and straightforward. For over two
decades, we have provided clients with industry-leading technology,
compliance, and exceptional customer service. Our offering is
designed to save time and lower the costs of managing benefits
while also promoting employee self-service and automated ACA
compliance.
Media Contact: Calvin
Clark, Clarity Benefit Solutions, 7324288282,
cclark@claritybenefitsolutions.com
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SOURCE Clarity Benefit Solutions