April 27, 2017
The advantages of HSAs
Our BlueSolutions plans are part of the increasingly popular consumer-driven health plans. They help keep premiums manageable—for employers and their employees—while still offering comprehensive benefits. These high-deductible health plans encourage members to take greater control over their healthcare spending. However, one money-saving tool available with these plans is often overlooked. Health savings accounts (HSAs) offer triple tax advantages:
- Account contributions can be made pre-tax, lowering the employee’s taxable income and boosting their spending power.
- Interest earned in the account is tax-free.
- The account money isn’t taxed when used to pay for qualified medical expenses.
Using an HSA is also convenient. Employees can pay their medical bills online, with debit cards, or with checks, and they don’t need to submit receipts for reimbursement.
Despite all of these advantages, many BlueSolutions members are not taking advantage of an HSA, missing out on one of the real benefits of their plan. We’ll be promoting the value of HSAs to members through the year, and you can offer valuable help to your clients and their employees by educating them on the power of HSAs.