Financial Services - Health Savings Account
Frequently Asked Questions about HSA's:
What is an HSA?
An HSA is a tax-advantaged medical savings account paired with a qualified high deductible plan (HDHP) used to pay for qualified medical expenses.
How does an HSA work?
Contributions are made to the HSA with payroll deductions through an employer. The amount of pay put into an HSA won’t count as taxable income, so there will be immediate tax savings. Plus, the HSA accumulates investment returns. The money in the HSA is then used to pay for qualified medical expenses.
Who owns the HSA account?
The employee.
Who can contribute to an HSA account?
The employee and/or the employer can make contributions. Employers may contribute to the HSA as long as the total contributions between the employee and the employer do not exceed the IRS limits.
What are the advantages for an employer to offer an HSA?
Paired with a qualified HDHP, HSAs can result in significant savings for employers. HDHPs typically come with lower insurance premiums, allowing employers to contribute those premium savings to their employees’ HSAs if they choose to
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