Employee Benefits | FJG/FYI
Here's to Your HSA!
Mitch Fleischer
President, Fleischer Jacobs Group
Health Savings Accounts (HSAs), the medical plan darlings of the decade, have a well-deserved reputation for being the smart way to financially manage health care insurance.
Here’s how an HSA works. Any money you contribute to your HSA is directly deductible from your taxable income. An HSA grows tax-free and funds may be withdrawn tax-free to pay for qualified medical expenses. Think, “pay it forward.”
But keep a few things in mind. Low- or no- deductible medical plans, including Medicare, are not HSA eligible. For 2008, the medical insurance plan that accompanies an HSA must carry minimum deductibles of $1,100 for individuals and $2,200 for families. Be sure this high deductible plan will cover your medical needs and you can afford to pay the deductible if necessary.
Health insurance is vitally important. Costs for medical care are soaring. Make sure the health insurance you choose offers the right kinds of coverage for you and your family. FJG provides a broad range of Insurance Coverage including medical insurance plans with HSAs. We offer a comprehensive portfolio of employee benefit plans as well as individual insurance and investment options.
An independent agency, we select only those policies that make sense for your business or for you. We work to make sure our clients are well-informed and able to make smart choices that will serve them well.
Note: 2008 contributions to HSAs are limited to $2,900 for individuals and $5,800 for families.