Health Savings Accounts (HSA)

Are individually owned bank accounts paired with a High Deductible Health Plan (HDHP). Employees can use HSA funds to pay for current and future medical expenses, all with tax free money!

What are the Advantages of a
Health Savings Account?

Employer Savings

HDHPs typically have lower insurance premiums and the amounts contributed to employees’ HSAs reduce the employer’s payroll tax liability.

Unused Funds Carryover

Unlike a Flexible Spending Account (FSA), the money that remains in an employee’s HSA at the end of the year rolls over so they never have to worry about losing unused funds!

Portability

Employees keep any unused funds for use in future years and can take those funds with them when they retire or terminate employment.

Savings on Eligible
Expenses

HSA funds can be used to pay for a variety of eligible medical expenses for the employee and their family members, including medical, dental, prescriptions and over-the-counter drugs.

Helps Employees
Build Savings For Retirement

HSA accounts are a great tool for employees to save additional funds to use for healthcare expenses during retirement. With the ability to invest HSA dollars in mutual fund options after reaching a certain balance threshold, these funds grow tax free and can supplement other retirement savings.

IRS 2023 HSA Limits:

Health Savings Accounts (HSAs)

2022

2023

HDHP Minimum Annual Deductible - Single

$1,400

$1,500

HDHP Minimum Annual Deductible - Family

$2,800

$3,000

HDHP Out of Pocket Maximum - Single

$7,050

$7,500

HDHP Out of Pocket Maximum - Family

$14,100

$15,000

HSA Maximum Contribution Limit - Single

$3,650

$3,850

HSA Maximum Contribution Limit - Family

$7,300

$7,750

HSA Catch-Up Contribution Limit

$1,000

$1,000

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Frequently Asked Questions

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Lorem Ipsum is simply dummy text of the printing and typesetting industry.?

We’re a global consultancy that helps the world’s most ambitious change makers define the future. Across 59 offices in 37 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition and redefine industries.

Lorem Ipsum is simply dummy text of the printing and typesetting industry.?

We’re a global consultancy that helps the world’s most ambitious change makers define the future. Across 59 offices in 37 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition and redefine industries.