About

A Health Savings Account (HSA) coexists with a High-Deductible Health Plan (HDHP) to benefit both the employee and employer. 

Benefits of HSAs include:

• deferment of employee income into a tax-favored account for reimbursement of qualified 213(d) medical expenses;                          
• reduction in insurance premiums;
• employee and employer contributions to the employee’s HSA account;                                             
• tax-favored HSA contributions that reduce the employer’s FICA and FUTA cost;
• opportunity for employees to invest HSA monies into various mutual fund offerings;                       
• employee-owned HSA with a balance that follows the employee to a new employer.

• 2020 HSA maximum funding            
  •  $3,550 single
  • $7,100 family 
  • Age 55 and older; $1,000 additional catch-up contribution    

• 2021 HSA maximum funding
  •  $3,600 single
  • $7,200 family