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Included in the Medicare bill and signed into law on December 8, 2003, a Health Savings Account (HSA) is a tax-sheltered savings account that allows an individual to pay qualified medical expenses with pre-tax dollars and deduct contributions to the HSA from his taxable income.
By switching to a high deductible health plan, premium payments go down. In addition, contributions made to your employees’ HSA’s are 100% tax deductible. If either of these points seems beneficial to your business, we invite you to contact your local First State Financial branch office. We’ll help answer any questions you have and assist you in establishing Health Savings Accounts for your business.