HSAs or Health Savings Accounts are a great way for small businesses to provide benefits for their employees. They are probably one of the less utilized solutions in the marketplace today even though they’ve been in effect for 10 years.
The IRS may allow for employee, employee family members and employer to ‘make tax-deductible contributions’ into a HSA so they can put that money toward the deductible on their required “High-deductible health plan” (HDHP). There are rules about who can qualify for HSAs and what qualifies as a HDHP but it may be worth investigating (Source: WA Office of the Insurance Commissioner).
HSAs still provide great benefits, tax benefits and some really, really good healthcare plan options.
If you’re interested in learning more about what benefits a HSA might offer you, call us in Mount Vernon at (360) 419-9999 or in Seattle, WA at (206) 910-4630.
Group Benefits Northwest is a benefits and health insurance broker for small to midsized companies. Family owned and operated, they have proudly served Seattle and surrounding area businesses, since 1982. Group Benefits Northwest leverages over 35 years of business, management and group benefits experience to provide the very best healthcare plans available to meet employer and employee needs.