And yes, we can set that up for you and your company.
Contributions to HSAs generally are tax deductible by the eligible individual in whose name the account is established. Contributions made by an employer are treated as tax-free employer-provided coverage for medical expenses under an accident or health plan. Distributions from these accounts used to pay for qualified medical expenses (including over-the-counter medicines) for an individual and his family members are not taxed.
An individual will still qualify for an HSA if while covered by other types of coverage or permissible insurance (i.e., worker’s compensation benefits, dental care, vision care). If that person has coverage from high deductible health plan (HDHP), he or she will still be entitled to anHSA, even if the HDHP does not have a deductible for preventive care.
Use an HSA to pay for all of those services and some of those items that health care coverage will not provide reimbursement for such as”:
- Nursing services
- Emergency care
- Therapists (certain certifications may be required)
- Treatments not often covered by health insurance:
- Alcoholism or drug addiction treatment
- Fertility treatment
- Laser eye surgery
- Prescribed weight-loss or stop-smoking programs
Consult (www.irs.gov) in Publication 502 for the full list. And call us!