Healthcare in the U. To get the most out of a health savings account, you need to understand how they work. It all starts with the fact that there are limits to how much you can contribute each year, as well as rules that govern the type of health insurance plan you need to have to use an HSA at all. Contribution limits go up each year to account for inflation and rising costs. To use an HSA, your health insurance plan must also meet specific requirements. Due to these very specific requirements, not all healthcare plans qualify for a health savings account.
Health Savings Account (HSA)
Health Savings Accounts: Advantages and Disadvantages
If you are an Employer who is not yet onboard with HSAs, the benefits of choosing a Qualified High Deductible Health Plan paired with Health Savings Accounts can directly affect your bottom line plus provide cost savings for your Employees. Blackhawk Bank is a nationally recognized leader for low cost Health Savings Accounts. Blackhawk Bank does not charge an enrollment fee or have a minimum deposit requirement to open an HSA. There is no annual fee. Blackhawk Bank waives all maintenance fees for the first year of the account. There are several different options — debit cards, checks, online banking. Check out the options here.
Is an HSA right for me?
A Health Savings Account HSA is like a personal savings account, but it can only be used for qualified healthcare expenses. Health Savings Accounts also have some important tax advantages. Many Expenses Qualify.
Employees are given money from their employer to spend on out-of-pocket medical expenses. When an employer augments a benefits package with an HRA, it sends a strong message to employees that their employer cares about their health and well-being, and it helps employers attract and retain staff. Benefits for employers and employees include:. Control - Employers decide how much to contribute and what medical expenses the funds can be used for.