Health Savings Accounts (HSA)

Health care costs have risen over 80% since 2000. The rising costs of health coverage have placed a huge burden on employers and employees. Health savings accounts are designed to give individuals more control over health expenses by taking advantage of lower premiums associated with high deductible health plans.

A health savings account (HSA) is coupled with a high deductible health plan (HDHP) and an individual uses it to set aside funds to pay the initial health care costs associated with the HDHP. This payroll deduction can be taken on either a taxed or pre-taxed basis.

If the HSA is associated with an employer sponsored HDHP, the employer may also make contributions to the health savings account.

There are annual limits on the amount that can be contributed to our health savings account. Amounts that are not used for health care costs roll over every year and can be used for future health care costs.

The savings account belongs to the employee. If the employee leaves the company for any reason, the balance in the account belongs to the individual.

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