Health Savings Account Wisconsin
Health Savings Accounts (HSAs) allow enrollees to control their medical decisions and medical spending. HSAs are paired with high-deductible health insurance plans to provide cost-effective ways for employees and employers to manage healthcare costs and provide affordable coverage.
HSAs were created to give employees an incentive to manage their health care spending, where account funds grow and carry over from year to year to help pay for future medical expenses. The employer and employee can make tax-free contributions into the HSA account to cover out-of-pocket medical costs. The idea is that employees who are spending their HSA money to satisfy the deductible, copayments for prescriptions and doctor visit costs will be more cost-conscious and judicious in their spending choices.
HSAs create a unique incentive structure that provides affordable health care coverage for both the employer and the employee. Get started with an HSA today using our quoting engine below, or read on to learn more about how an HSA can meet your health care needs.
Why an HSA may be right for you?
Health Savings Accounts and high-deductible health plans are a great option for people who are in good health, have a solid estimate of their expected health care costs for the year, or who prefer more flexibility in choosing doctors than the typical Health Maintenance Organization or Preferred Provider Network offers.
What are some details and benefits of HSAs?
An HSA and high-deductible health insurance plan:
- Offers lower premiums than most medical insurance plans.
- Helps employees control their healthcare dollars.
- Gives enrollees the ability to use tax-advantaged savings to pay out-of-pocket medical expenses, such as prescriptions, copays, and deductibles. This money does not have to be used in the year and can be rolled over and allowed to grow to cover anticipated medical expenses in the future. There are no income restrictions on HSA participation, just a qualified high-deductible medical policy.
Health Savings Account Wisconsin Contribution Limits
An HSA is a tax-advantaged account that works with a HSA-qualified health plan. To take advantage of the tax benefits, you must be enrolled in an HSA-qualified health plan and own and contribute to an HSA.