HSA Administrators, Clarity Benefit Solutions Shares Eight Benefits of a Health Savings Account

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• USA - English

NEW YORK, April 26, 2018 /PRNewswire-iReach/ -- HSA administrators, Clarity Benefit Solutions, shares eight benefits of a Health Savings Account (HSA).

HSAs can be used to pay for current health care expenses as well as future expenses. Employees must be covered by a High Deductible Health Plan (HDHP) to participate in an HSA. Clarity shares eight pros to having an HSA.

•      The contributions are tax-deductible. The funds that employee set aside for an HSA account are tax-deductible. If these contributions are made through a payroll deduction, the HSA funds are pre-taxed.
•      The interest earned is tax-free. All monies placed into an HSA account are tax deductible off gross income. Plus, these funds grow tax-deferred.
•      HSA account holders may make tax-free withdrawals for qualified medical expenses. Vision and dental expenses, deductibles, co-pays, and prescription drugs are among the eligible expenses an HSA covers.
•      HSA funds can be rolled over to the following year. Fortunately, unused HSA funds can be used the next year—without a "use it or lose it" policy. Plus, there is no maximum carry-over amount when it comes to HSA funds.
•      The employee owns the HSA account. The account holder has control over how much money is set aside in the HSA account, how these funds are spent, and what the money goes toward. The employer may contribute to the HSA, but the employee owns it—even if he or she gets another job.
•      HSA funds are immediately accessible. Funds placed in an HSA account are immediately available to the account holder.
•      HSA monies can be set aside for medical expenses incurred in retirement. Although this benefit is not discussed often, HSAs can be used to save money for medical expenses incurred during retirement—a time when health expenses are known to increase. In this way, HSAs can be thought of as a tax shelter.
•      HSA funds can be used for unconventional expenses. At times, there are medical expenses and situations that go beyond doctor/specialist visits and procedures that are qualified HSA expenses. Examples include alcoholism treatment, treatment for drug addiction, and psychiatric care. HSA monies can also go toward weight loss relating to obesity treatment (provided a physician prescribes it) as well as those who need physical therapy while recovering from an accident or injury.

About Clarity Benefit Solutions: Clarity Benefit Solutions provides technology that makes the health insurance plan selection process fast, easy, and straightforward. For over two decades, we have provided clients with industry-leading technology, compliance, and exceptional customer service. Our offering is designed to save time and lower the costs of managing benefits while also promoting employee self-service and automated ACA compliance.

Media Contact: Calvin Clark, Clarity Benefit Solutions, 7324288282, [email protected]

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SOURCE Clarity Benefit Solutions

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