What is an HSA?
First Day Films offers open enrollment videos and Employee Advocacy Services. We also offer education, which is why we want to discuss HSAs. What is an HSA? It is a Health Savings Account, it is tax-exempt, and it can help reduce healthcare cost when used with a qualified high-deductible health plan.
What are the benefits of using an HSA?
- Money goes into the HSA tax-free. Your contributions are pre-tax and are also tax deductible.
- Money used from the HSA is tax-free. When you use the HSA funds for eligible medical expenses, you don’t pay taxes. You can make purchases directly from the HSA or pay with your funds then get reimbursed.
- Earned interest is tax-free. Any interest you earn from the HSA funds is not taxed as income when used for eligible expenses.
- HSA funds can be invested similar to an IRA. Check to make sure your HSA is eligible for investment when making your choice.
- An HSA can boost your retirement funds. You can withdraw funds from your HSA after age 65 without penalties.
What healthcare costs can be paid with an HSA?
- Deductibles, copayments, and coinsurance on healthcare insurance plans
- Prescription drugs
- Dental services including crowns, braces, and bridges
- Vision services including glasses and laser eye surgery
- Certain psychological and psychiatric treatments
- Long-term care
- Transportation and lodging if medically related
- Some health premiums such as COBRA
First Day Films offers an Employee Advocacy Service which can help employees with questions about HSAs, healthcare issues, other insurance questions, and programs such as physician referrals. Contact us today for more information at 833-422-7332 or firstname.lastname@example.org.