Excerpt from the BPA Health Bulletin
Zywave Highlights: Health Savings Accounts
The following is an overview
of Health Savings Accounts from the Zywave website. Visit www.brokerbriefcase.com/temp_doc.aspx?tmpid=6030&home=yes
It probably isn’t news to you that health insurance costs are on the rise. If you’ve been considering options for providing affordable benefits packages for your employees, you may want to look into a new type of account: the health savings account (HSA).
HSAs are consumer-focused, tax-favored accounts. In January 2004, HSAs joined the ranks of several other programs that were established to help keep medical expenses affordable, including flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), and medical savings accounts (MSAs). A brief overview of HSA guidelines is as follows:
Who can contribute
HSAs offer yet another option for consumers
to establish tax-free accounts for handling medical expenses. For more
info on HSAs, visit www.treas.gov.offices/public-affairs/has, or contact
your BPA representative.
BPA Health Bulletin Spring 2005