What is an HSA? October 10, 2016 A Health Savings Account is a tax-advantaged medical savings account available to individuals who are enrolled in a high-deductible health plan (HDHP). In simpler terms, HSA’s are like personal savings accounts, but the money in them can help pay deductibles and other medical expenses for yourself, your spouse, or your dependent children. Money left in the health savings account earns interest and belongs to you. What Are Some Advantages of an HSA? High Deductible Health Plans typically have lower premiums than other plans, and may help your organization save money on employee benefits costs Funds can be used to pay your deductible and other out of pocket expenses Contributions can be made by yourself, your employer, and/or a third party (maximum limits are set by the IRS annually) The funds are yours – even if you change jobs HSA + HDHP = Triple Tax benefits If you’d like to know more about Health Savings Accounts, contact your CalNonprofits Insurance Services Employee Benefits Account Manager for assistance. About the Author CalNonprofits Insurance Services Founded in 1984 as a subsidiary of the California Association of Nonprofits (CalNonprofits), CalNonprofits Insurance Services was established during a time of diminishing insurance options for nonprofits. One of the driving reasons for establishing the association was to use the collective influence of the sector to secure more stable and quality insurance. We have developed, and are known for, our wide spectrum of services reflecting expertise in both the insurance and nonprofit sectors, our superior customer service, and our development of exclusive insurance products, including a highly successful dental and vision trust. We insure more than 1,200 nonprofit organizations throughout California and we are the only California brokerage specializing in insurance for nonprofits. Our clients range from newly established nonprofits all the way to venerable organizations with multiple locations statewide. View all posts One thought on “What is an HSA?” Pingback: CalNonprofits Insurance ServicesCOVID-19 Changes 5 FSA Rules | CalNonprofits Insurance Services Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment Name * Email * Website
October 10, 2016 A Health Savings Account is a tax-advantaged medical savings account available to individuals who are enrolled in a high-deductible health plan (HDHP). In simpler terms, HSA’s are like personal savings accounts, but the money in them can help pay deductibles and other medical expenses for yourself, your spouse, or your dependent children. Money left in the health savings account earns interest and belongs to you. What Are Some Advantages of an HSA? High Deductible Health Plans typically have lower premiums than other plans, and may help your organization save money on employee benefits costs Funds can be used to pay your deductible and other out of pocket expenses Contributions can be made by yourself, your employer, and/or a third party (maximum limits are set by the IRS annually) The funds are yours – even if you change jobs HSA + HDHP = Triple Tax benefits If you’d like to know more about Health Savings Accounts, contact your CalNonprofits Insurance Services Employee Benefits Account Manager for assistance. About the Author CalNonprofits Insurance Services Founded in 1984 as a subsidiary of the California Association of Nonprofits (CalNonprofits), CalNonprofits Insurance Services was established during a time of diminishing insurance options for nonprofits. One of the driving reasons for establishing the association was to use the collective influence of the sector to secure more stable and quality insurance. We have developed, and are known for, our wide spectrum of services reflecting expertise in both the insurance and nonprofit sectors, our superior customer service, and our development of exclusive insurance products, including a highly successful dental and vision trust. We insure more than 1,200 nonprofit organizations throughout California and we are the only California brokerage specializing in insurance for nonprofits. Our clients range from newly established nonprofits all the way to venerable organizations with multiple locations statewide. View all posts