A Health Savings Account allows you to save and pay for current and future qualified medical expenses in a tax-efficient manner, as an alternative or compliment to traditional health insurance. In contrast to traditional health insurance, you own and control the money in your HSA.
Who needs an HSA? 
Any employer that is looking to reduce and better control increases in health insurance costs for employees should consider an HSA.
What are the benefits?
- Additional security to protect against high or unwanted medical bills
- Lower health insurance premiums
- Savings accumulation for future medical expenses
- The account is portable and is not affected by various life changes -- change in job, marital status, relocation and unemployment
- Tax savings:
- Employee contributions are pre-tax
- Tax-free earnings through investment
- Employer contributions are tax-deductible
- Tax-free withdrawals on qualified medical expenses
What is the process?
Brown Smith Wallace can help you implement an HSA program to hedge against the continuously rising cost of healthcare. We offer the tools to help determine if an HSA is right for you and help establish and maintain an HSA for maximum savings and tax benefits.
To be eligible for an HSA account, an employer or individual must elect a high deductible health plan (HDHP) as protection in the event of catastrophic illness or prolonged hospitalization.
The HSA then serves as a supplemental account that continuously accumulates, allowing for tax deductible contributions.
Why should I engage Brown Smith Wallace?
Brown Smith Wallace provides the most reliable and up-to-date advice to begin taking advantage of this alternative.
By employing professionals with diverse backgrounds and experiences, you can trust Brown Smith Wallace to provide outstanding service for you and your company.
What else should I consider?
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