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Health Savings Accounts and Health Reimbursement Arrangements

HSAs and HRAs are relatively new developments in the healthcare landscape, but they have quickly become staples of many employee benefits packages. Our experienced employee benefits planning professionals provide independent, practical advice on how these innovative programs can benefit your business and your employees.

Health Savings Accounts (HSAs)

HSAs can help you reduce the cost of your employee health insurance benefits. In an HSA program, you provide a government-approved base health insurance policy with a high deductible for all medical procedures. Each employee then sets up a bank account to which he or she – and/or you, as the employer – can contribute money, which is used on a tax-favored basis to pay for approved unreimbursed medical expenses. Your employees keep whatever money is left over at the end of the year, giving them a strong incentive to spend money only on medically necessary procedures and treatments.

Health Savings Accounts (HSAs)

HSAs can help you reduce the cost of your employee health insurance benefits. In an HSA program, you provide a government-approved base health insurance policy with a high deductible for all medical procedures. Each employee then sets up a bank account to which he or she – and/or you, as the employer – can contribute money, which is used on a tax-favored basis to pay for approved unreimbursed medical expenses. Your employees keep whatever money is left over at the end of the year, giving them a strong incentive to spend money only on medically necessary procedures and treatments.

 

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