HSAs (click here for HRA Information)

A Health Savings Account (HSA) is a smart alternative to conventional health coverage. The HSA provides a vehicle for tax-advantaged savings. Invest in your HSA, and your contributions are tax-deductible. Withdraw the funds and accumulated interest to pay for qualified medical expenses and the withdrawals are tax-free.

The Heath Savings Account (HSA)

• Available to individuals, families, and employer groups
• Everyone with qualified high deductible health insurance can have an HSA
• A great way to pay for routine medical expenses tax-free
• Fully portable, your HSA goes with you because you own it
• Unused balances in your account roll over from year to year
• Federally approved, tax-favored accounts
• Set up in conjunction with the purchase of a high deductible insurance plan
• Help employees pay for healthcare expenses not covered by the insurance plan
• HSA contributions are tax deductible and funds in the HSA accumulate on a tax-deferred basis

An HSA offers flexibility for the employee because it is owned by the employee
and is portable. HSA contributions can be made by the employer, employee,
or a combination of both.

With an HSA, your employees can:

• Spend tax-free dollars for qualified medical expenses
• Save money on a tax-free and tax-deductible basis
• Use as long-term savings vehicle
• Roll over unused account balances from year to year

HRAs (click here for HSA Information)

What are your long term strategies to control your rising health insurance premiums? While many employers have eliminated health care coverage, Health Reimbursement Account (HRA) plans are a way to provide your employees with this necessary employee benefit. HRAs, in conjunction with a high deductible health insurance plan, provide a way for you to offer affordable, quality health insurance coverage to your employees.

HRAs are Economical Alternatives to a Low Deductible Copay Insurance Plan With medical costs increasing by double digits every year and no end in sight, employers and employees are eager to find ways to save money on healthcare. Traditional copay health insurance plans have become very costly and offer consumers little incentive for prudent use of healthcare. Now there is an alternative…HRAs.

Everyone can Benefit from HRAs HRAs have been designed to hold down health insurance premiums now and in the future. When you move from a low deductible copay healthcare plan to a high deductible plan the premium savings alone can be as much as 25% and sometimes even more.

HRA Highlights:

• These accounts are entirely employer funded.
• Health insurance premiums are lower.
• Dependable major medical insurance is in place to cover large medical bills.
• Anyone with a high deductible health insurance plan is eligible for an HRA.