Health savings accounts (HSAs) are a growing trend in health care. An HSA is a tax-exempt savings account established for the purpose of paying for the qualified medical expenses of an individual and/or his or her spouse and tax dependents. HSAs are designed to provide eligible individuals with the following federal tax benefits:
In addition to tax benefits, individuals covered under an HSA are more likely to seek preventive care, choose generic drugs, not misuse the emergency room, and use online tools to research health care providers.
The year may be winding down, but experts are already making their predictions for the hottest employee benefits in 2018. In a recent Employee Benefits News article, industry leaders expect benefits in the category of financial well-being to be the highest in demand.