Health care is expensive. Between copayments, deductibles, and coinsurance, the cost of a doctor visit or procedure is getting more costly than ever. Health savings accounts (HSA) can lessen the financial burden by allowing individuals to set aside funds on a pre-tax basis to pay for health care costs.
Offering an HSA for your employees adds flexibility and depth to your offerings for health benefits, and can help your organization reduce FUTA and FICA payroll taxes. A high-deductible health plan also offers lower premiums, so you can save money on benefits offerings. With an HSA through isolved Benefit Services, all users have access to secure online portals 24/7/365 and convenient debit cards to pay for qualified expenses at the time of service. An HSA is also beneficial for retirees, since participants can use HSA funds on non-qualifying expenses after age 65.
|Health Savings Accounts (HSAs)||2022||2023|
|HDHP Minimum Annual Deductible - Single||$1,400||$1,500|
|HDHP Minimum Annual Deductible - Family||$2,800||$3,000|
|HDHP Out of Pocket Maximum - Single||$7,050||$7,500|
|HDHP Out of Pocket Maximum - Family||$14,100||$15,000|
|HSA Maximum Contribution Limit - Single||$3,650||$3,850|
|HSA Maxiumum Contribution Limit - Family||$7,300||$7,750|
|HSA Catch-Up Contribution Limit||$1,000||$1,000|