This month’s employee memo gives participants answers to common questions on Health Savings Accounts. Download the memo from your Fiduciary Briefcase at fiduciarybriefcase.com and distribute to your participants. Please see an excerpt below.
Health savings accounts (HSAs) have grown tremendously in popularity over the past few years. You’ve probably heard of them or maybe your employer offers one. This memo will uncover answers to common questions you may have about HSAs.
A type of health savings accounts that allow you to set aside money on a pre-tax basis to pay for qualified medical expenses.
In order to open an HSA, an individual must first enroll in a qualified high deductible health plan (HDHP).
HSAs are completely portable for employees, meaning you may take it with you if you change employers.
No. The balance from your health savings accounts can grow and carry from year to year and can also be invested.
Generally health savings accounts funds can be used to pay for anything that your insurance plan considers a “covered charge,” including charges not paid by your health insurance because they were subject to a co-pay, deductible or coinsurance.