Health Savings Accounts

Health savings accounts (HSAs) are a savings method that is an alternative for traditional health insurance. It offers a different option for individuals to obtain health care. These accounts are designed so you can save tax-free monies for retiree and medical health expenses while paying for your current healthcare expenses.

One of the requirements to qualify for a health savings account is to be covered by a high deductible health plan (HDHP). This type of plan is usually less expensive than a traditional policy. The savings between the two types of plans can be applied to a health savings account. This is money that you can control. You choose the type of investment and when to spend the money. The maximum amount of contribution cannot exceed the amount of deductible for the year. Choosing the higher deductible offers the greatest opportunity for savings.

The Benefits of Health Savings Accounts
We at The HR Consulting Group, Inc. are your best source for evaluating your needs and implementing a plan to enroll you and your employees in a health savings account system. We have the expertise to guide you to the best HDHP for you. Employers spend thousands of dollars a year in benefits for each employee. Setting up health savings accounts as an alternative benefit will greatly reduce healthcare benefit expenses.

Our qualified staff can do a cost-benefit analysis to determine the benefit your company can realize by implementing health savings accounts as an option to providing traditional insurance plans. There are specific guidelines to the amount and method of contribution that can be made for each employee. We offer assistance for providing employee benefits at the best savings for you and your employees.