Health Savings Accounts (HSA) & Supplement Insurance
Save for Future Medical Expenses With a Health Savings Account (HSA)
A health savings account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into an HSA, including favorable tax treatment. Though a relatively new benefit plan – the HSA bill was signed into law by President Bush in December 2003 – HSAs are a growing benefit that is becoming more common. Help your employees save for their medical bills by offering an HSA.
Learn more about the benefits of a health savings account and how you can get started with one. Call The Capital Group at 301-214-7666 or contact us online.
Who Is Eligible to Establish an HSA?
Under an HSA, you can contribute to the account if employees meet specific enrollment criteria and are not enrolled in Medicare. Contributions to an HSA can be made by individuals, employers, or both. To determine whether or not an individual is eligible, we’ve put together a checklist.
An “eligible individual” is an individual, in any month, who:
- Is covered under a qualifying high-deductible health plan (HDHP)
- Is not also covered by any other health plan that is not an HDHP (with certain exceptions or plans providing limited coverage)
- Is not entitled to benefits under Medicare
- May not be claimed as a dependent on another person’s tax return
One thing to note is that a supplemental insurance policy is required to cover catastrophic illness or injury expense in excess of the amounts deposited in the HSA. You can learn more about this and other HSA details by contacting one of our knowledgeable team members today.
Why Work With The Capital Group?
At The Capital Group, your satisfaction is what drives their team. The Capital Group strives to provide you with cutting-edge plans, products, and services that better the lives of your employees and outshine those of their competitors. Combined with their team of accomplished professionals, these are just a few examples of what sets The Capital Group apart. Relationships matter at The Capital Group, so you can count on timely responses and results.
Contact The Capital Group today to start working with a team driven by your satisfaction.