Health Savings Accounts

A Health Savings Account (HSA) offers employees maximum control over their health care decisions, options for investing HSA balances, and valuable tax savings.

For employers, an HSA is a very smart way to curb runaway costs while preserving the benefits that workers need.

Because Health Savings Account Plans are owned outright by the individual—including employer contributions from the time of deposit - employees make independent decisions around the disbursement, saving or investment of their funds. Contributions to an HSA reduce taxable income and the interest earned on HSA balances and investments is tax free.

The result is “triple” tax savings: contributions, interest from investments, ongoing and future qualified distributions can all be tax-free under normal circumstances.

Employees are able to save their HSA money until they hit retirement, maximizing the advantage of any investment gains a larger HSA balance might offer over the intervening years.

Learn more about the benefits of commercial property & casualty insurance by talking with a Fairfield North Financial Network professional at 203-895-8568 or contact Fairfield North Financial Network.