How Health Savings Accounts Can Save Your Business Money
While money doesn’t grow on trees, it can grow in a Health Savings Account (HSA). With health care costs increasing, an HSA offers a financially affordable alternative that could help you and your employees.
Who doesn’t like benefits?
For your employees, opening an HSA will allow them to contribute with pretax funds. These funds stay with employees, even if they leave their job. Employees can also withdraw funds tax-free for eligible expenses, as well as contribute the amount they know will be best for them.
For you, as an employer, providing an HSA for your employees will benefit you in tax savings. That’s right, like employees, employers don’t have to pay payroll taxes on HSA contributions. There’s also a *federal tax deduction for contributions made toward employee HSAs. The best part is HSAs give your employees more control to manage their own health care needs, which will minimize your administration costs.
Ready to offer an HSA?
If you need help along the way, Allegacy is here to help. Contact us today for Benefit Solutions. 336.765.2101 || Allegacy.org/benefits