Health savings accounts give you and your employees lower premiums without sacrificing the quality of your health-care plan.

Insurance Tip

If you withdraw money from an HSA for non–medical-related expenses before you reach retirement age, you could incur penalties.

HSAs offer tax-exempt savings accounts paired with a lower-cost, high-deductible, big-benefit medical insurance policy. High-deductible plans with HSAs offer:

• Affordability. Higher deductibles may mean lower out-of-pocket for premiums.
• Choice. With an HSA and a high-deductible health plan, employees choose their physicians and other health-care professionals.
• Control. An HSA puts employees in control of their health-care decisions and spending.
• Flexibility. Employees can make any number of contributions to their account, at any time during the tax year, as late as April 15 of the following calendar year.
• Portability. Employees own the funds in their HSA just as they own those in their IRA or savings account, even if their employer contributes part of the funds.
• Protection. An HSA covers your employees against catastrophic or unexpected medical bills.
• Savings. Employees fund their accounts with pre-tax dollars, and interest on these savings accumulates tax-free.

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