HSA Administrators, Clarity Benefit Solutions, Discusses Eight Ways to Increase HSA Awareness
NEW YORK, June 25, 2018 /PRNewswire-iReach/ -- HSA administrators, Clarity Benefit Solutions, discusses eight ways to increase HSA awareness.
Employees utilize Health Savings Accounts (HSAs) to pay for current and future health care expenses. Employees are eligible for an HSA when they are covered by a High Deductible Health Plan (HDHP)?a fact they may not be aware of. To increase HSA awareness, brokers should promote the many benefits these accounts offer, including:
- HSA contributions are tax-deductible. Monies set aside in an HSA account are tax-deductible?and if these contributions are made through a payroll deduction?the funds are also pre-taxed.
- HSA withdrawals are tax-free. If the withdrawn HSA monies are earmarked for eligible medical expenses, withdrawals are tax-free. Some examples of qualified medical expenses are: deductibles, co-pays, prescription drugs, and dental/vision expenses.
- HSAs earn tax-free interest. Funds from HSA accounts are tax deductible off gross income?and the funds grow tax-deferred.
- HSA funds are immediately accessible. Employees can immediately access funds that they have set aside in an HSA account.
- HSA monies that are unused can be rolled over. Any unused HSA funds can be utilized the following year?with no maximum carryover amount.
- HSA accounts are employee-owned. The holder of the HSA account owns it?making all decisions pertaining to the account?such as how much money to set aside, how to spend the funds, and what to spend these monies on. Employers can contribute to the fund, but the employee holds it?even if he or she finds another job.
- HSA funds can be used in unconventional ways. There are a myriad of medical expenses and situations that go beyond doctor/specialist visits and procedures that are qualified HSA expenses?including the following: treatment for alcoholism and drug addiction as well as psychiatric care and other mental health services. HSA monies can also be put toward weight loss relating to obesity treatment?as long a physician prescribes it?as well as those who need physical therapy while recovering from an injury or accident.
- HSA funds can be reserved for medical expenses incurred in retirement. This is another amazing benefit that employees may not be aware of. However, it is an important one because health expenses can be costly during this period of life.
About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.
Media Contact: Calvin Clark, Clarity Benefit Solutions, 7324288282, [email protected]
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SOURCE Clarity Benefit Solutions
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