Health Savings Accounts (HSA)
An HSA is a full-featured spending and savings account with limited cash requirements and automatic roll over into market-driven mutual fund investment elections.
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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.
Features and Functionality of an HSA
- Add depth and flexibility to your employee health benefits and retirement plans with secure, FDIC-insured financial accounts
- Reduce FICA and FUTA payroll taxes
- Save money on health insurance premiums by offering HSAs along with high deductible health plans
- Provide web-based, fully integrated portals with 24/7/365 access to account information
- Employees can view account details, request distributions, update addresses, change payroll deduction elections, view statements, change beneficiaries, or allocate funds into an array of mutual funds using convenient online portals
- Online claims, direct deposit reimbursements and electronic statements
- Monthly reports generate automatically, with email alerts directing recipients to secure portals for viewing - creating a virtually paper-free administration process
- Easy online enrollment creates an HSA account with direct deposit and investment accounts
- Health FSA, HRA, HSA, dependent care, wellness and transportation accounts are fully integrated in one platform, along with custodial banking services
- Automated scheduling of lump sum, first of the month, or payroll cycle contributions allows for easy mid-year enrollments
- EAutomated communication and e-mail alerts ensure consistent messaging
- FDIC-insured cash and interest-bearing account
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.
Funds in the HSA can be used to pay for a variety of qualified medical expenses, including prescriptions, dental care, vision expenses, copayments, amounts applied to the deductible, and more. An HSA can be used in conjunction with a high-deductible health plan.
By offering a Health Savings Account (HSA), you’re encouraging responsible healthcare management that benefits you and your employees.
- Employees are encouraged to become informed health care consumers and make better health care decisions.
- An HSA provides your workforce a stake in managing their own health care purchasing, which may result in lower use of physician visits for a cold or sore throat, resulting in savings for them and you.
- An HSA account allows employer and employee contributions and when offered under a cafeteria plan, saves tax dollars.
- Most importantly, an HSA account is portable - employees keep any unused funds for use in future years and can roll over those funds when they leave the company.
IRS Announces 2023 Tax Benefit Changes
| 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 |
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