HSAs vs. ICHRAs vs. discount cards -- see which ones work for you.
As health care costs continue to rise, consumers are seeking new strategies to save and offset the rising costs of coverage. Health savings accounts have been around since 2003, but many consumers, employers and benefits professionals still do not fully understand the advantages of an HSA as a way to hedge against high deductibles and save for the future.
HSA contributions are tax-free at the federal and state levels , and contributions via payroll withholding can save an extra 7.65% on top of that. First, if you use your health savings account funds to pay for out-of-pocket expenses, you could save 25% to 30% off the expense by using tax-deductible dollars. In addition, HSA interest and investment earnings are tax-free, and so are withdrawals for qualified medical expenses.
Health care costs may keep increasing, but an HSA provides significant tax savings and the ability to grow your health care dollars tax-free. Check with your employer to find out if you are eligible for a health savings account. First, the employee has a much wider range of options to choose from so those who, for example, need coverage for a certain prescription drug, can choose the plan that gives them the lowest cost option for that particular drug.
The current administration projects that 800,000 employers could use ICHRA to provide health benefits for 11 million people. A critical component of the ICHRA process will be functional electronic health care exchanges that offer a variety of plans at competitive prices so employees can “shop” for the best options. As long as enough options are available for individual coverage, the ICHRA is a simple, flexible tax-free solution to manage health care costs.
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