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As a business owner, considering your employees’ healthcare costs is a big part of the job. An HSA supports the health of your workforce by providing a tax-advantaged way for employees to save for health expenses. If you offer a high-deductible health plan (HDHP), an HSA is a great way for employees to save pre-tax dollars to put toward eligible health costs. Fifth Third has partnered with HealthEquity to offer you access to the largest non-bank custodian of Health Savings Accounts. Looking to enroll or learn more? Click HERE.
Benefits of HSA Accounts for Employers
Not only does an HSA offer advantages for your employees, it also comes with benefits for your business.
- Lower Premiums: You and your employees can generally save money on monthly health insurance premiums when you switch from a traditional health plan to an HSA-eligible plan with a Health Savings Account (HSA).
- Tax Savings: Employers don’t have to pay payroll taxes on employee HSA contributions made through payroll deductions, and you can take a federal income tax deduction for contributions you make to your employees’ HSAs.
Is an HSA Right for Your Employees?
If you offer a high-deductible health plan (HDHP) that is HSA-qualified, you should consider offering an HSA for your employees to set aside pre-tax money for medical expenses.
To be an eligible individual and qualify for an HSA, your employee must meet the following requirements:
- They are covered under a qualified high-deductible health plan (HDHP)
- They have no other health coverage—except for the type of plans listed below*
- They aren’t enrolled in Medicare or TriCare
- They can’t be claimed as a dependent on another individual’s tax return
Every dollar you contribute to an HSA and spend on eligible health and medical expenses is pre-tax, meaning you can essentially pay your medical bills with pre-tax money. Those are significant savings, no matter what tax bracket you're in.
It’s never too early to begin setting yourself up for retirement—and getting started is easier than you think. Here are three different types of retirement savings vehicles that you can set up now and watch them grow into the future.
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