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Facts about health savings accounts (HSAs)
2017 Year-End Devenir HSA ResearchReport
|What's the best HSA strategy by income level?
Disclaimer: These personasare for illustrative purposes only and in all cases you may want tospeak with a tax or financial advisor. Information provided shouldnot be considered tax or legal advice.
|1. Employee Type: Millennials/Gen-Z with an income between$35-75k/year
PotentialContribution Range:
|2. Employee Type: Full-Time HDHP Users Enrolled with an incomebetween $35-60k/year
Potential ContributionRange:
|3. Employee Type: Staff with Families with an income between$75-100k/year
PotentialContribution Range:
|4. Employee Type: Pre-Retirement Staff with an income between$100-200k/year
Potential ContributionRange:
|What else should employers know about HSAs?
- Employers should consider contributing to their employees'accounts on an annual basis. Employer contributions to an HSA aretax-deductible, and this has the added bonus for employees ofmaking it easier to max out their contributions annually.
- Remember: Employer and employee contributions cannot exceed theyearly HSA contribution limits ($3,500 individual, $7,000 familyfor 2019), so make this information clear to employees during openenrollment.
- If employees are still on the fence about HSAs, remind themthat deductible expenses can be paid for with HSA funds, and yearlyHSA contributions are tax-deductible for employees as well.
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