2021 – 11/01 – Would you like to establish a Health Savings Account for your small business?
With the increasing cost of employee health care benefits, your business may be interested in establishing an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical needs. To be eligible, an individual must be covered by a “high deductible health plan.” For 2021, a “high deductible health plan” is one with an annual deductible of at least $1,400 for self-only coverage, or at least $2,800 for family coverage. (These amounts will remain the same for 2022.) An HSA provides a number of tax benefits for your business and its employees. Contact us if you have questions.