Employer Provided Benefits Also Have Tax Benefits.
A retirement plan that meets the requirements of the Internal Revenue Code is eligible to receive certain tax benefits. These plans must be for the exclusive benefit of employees or their beneficiaries. Within the world of retirement plans are health savings accounts (HSAs). An HSA is a tax-advantaged medical savings plan account available to taxpayers who are enrolled in a high-deductible health plan. There are three major benefits of an HSA – pre-tax dollars go in, like a traditional IRA; grows tax deferred; and if the dollars are used for medical purposes they are never taxed on back-end.
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