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Health Reimbursement Arrangements (HRAs) are a great way for businesses to save on their healthcare costs. They allow you to contribute money — tax-free of course — into a savings account that your employee can later use for certain health-related expenses. The popularity of HRAs has been ballooning in recent years, and the Trump administration seeks to encourage this with new regulations expanding the usage of HRA.
In an effort to save money on health insurance costs, many employers are turning to medical savings accounts. These accounts allow employees and employers to deposit tax-deferred contributions that can later be used to pay for certain medical expenses. These accounts can be classified as either health savings accounts (HSA) or flexible spending accounts (FSA). So, what are the differences between these two types of medical savings accounts?
We recently talked in great detail about Health Savings Accounts (HSAs) and how this type of account allows employees to save for medical expenses tax-free. With the growing number of employees enrolled in high-deductible health insurance plans, an HSA is a solution that employers can offer to help offset rising insurance costs.
It's likely that a number of your employees are enrolled in high-deductible health insurance plans. In an effort to help offset the increasing costs related to health insurance, health savings accounts (commonly referred to HSAs) have become increasingly popular.
As we mentioned in a recent blog post, health savings accounts are frequently brought up during open enrollment, but not all employees have a good grasp of what this type of account entails or how it would benefit them.
The increasing cost of healthcare insurance is a hot topic on everyone's minds. In an effort to help gain more control over healthcare costs, many employees are choosing to establish a health savings account (HSA).
What is a Health Savings Account?
A health savings account is a financial account specifically for medical expenses that offers a number of tax advantages. This savings account is established by the individual employee, and all funds that are contributed to this account are not subject to federal income tax at the time of deposit. And, unlike flexible spending accounts (FSAs), all contributions made to the health savings account will roll over to the following year if unused.
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