- Employer savings – Decrease your total payroll costs, reducing the amount of taxes you pay. You save on every dollar your employees contribute plus your contribution is tax-deductible.
- Employee savings – Employees can use tax-free money for eligible healthcare expenses, giving them more money to cover their out-of-pocket healthcare expenses.
- Easy to access – The Humana Access Mastercard® debit card allows employees to easily pay for eligible expenses.
- Less work for you – Humana’s HSA administration is seamlessly coordinated with the Humana Access card and other benefits, including healthcare flexible spending accounts.
- Funds belong to the employee – They keep their HSA if they leave the company or retire.
- Employees must be enrolled in a qualified high-deductible health plan
- Triple tax advantage:
- Money goes in tax-free
- Savings grow tax-free
- Withdrawals are tax-free if used for eligible items
- Similar to a checking or savings account – Account stays with the member, even if they change jobs
- Employees can adjust their contribution amount at any time
- No “use it or lose it” rule – Employees can save what they don’t spend
- Invest savings for growth, just like a 401k
- IRS sets the annual contribution limit and allows for a catch-up contribution for employees ages 55+
- Medical services including copays and deductibles
- Dental services including copays and deductibles
- Prescription drugs
- Eye exams, eyeglasses, contact lenses and solution, laser surgery
- Orthodontia, dental cleanings, fillings, crowns and root canals
- Physical therapy, speech therapy, chiropractor
- Hearing aids
* For further guidance refer to the IRS publications 969, 502 and code section 213(d). These publications are available at irs.gov.
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