November 27, 2023

Leveraging HSAs for Your Employees’ Health in 2024

In an era where business success hinges on innovative benefits, Health Savings Accounts (HSAs) offer a unique edge. Fortifi Bank is here to help grow your business – combining expertise with insight to make HSAs a cornerstone of your 2024 benefits strategy.

 

Understanding Health Savings Accounts (HSAs)

HSAs are tax-advantaged savings accounts specifically for individuals enrolled in high-deductible health plans. They are unique in that they allow for pre-tax contributions, which are then used to pay for qualified medical expenses. This setup provides a triple tax benefit: contributions reduce taxable income, earnings grow tax-free, and withdrawals for medical expenses are not taxed. The flexibility and control offered by HSAs make them a valuable tool for employees to manage their healthcare spending.

Tax Benefits: Contributions reduce taxable income, and funds grow and can be withdrawn tax-free for medical expenses.

Employee Autonomy: HSAs empower employees with control over their healthcare finances.

 

Why Business Owners Should Offer HSAs

Offering HSAs can be a strategic move for businesses. It demonstrates a commitment to employees’ health and financial well-being, enhancing job satisfaction and employee retention. HSAs paired with high-deductible health plans can lead to savings on health insurance premiums for both employers and employees. Additionally, the flexibility and autonomy HSAs provide make them a highly valued employee benefit.

Cost Savings: Pairing HSAs with high-deductible plans can reduce premium costs.

Employee Satisfaction: HSAs contribute to financial wellness, boosting retention and satisfaction.

 

 

Simplifying HSAs for Your Business

At Fortifi Bank, we make the process of setting up and managing HSAs straightforward and beneficial for your business. Our experienced team ensures that both employers and employees gain the maximum advantage from this healthcare savings option.

Expert Guidance: Our team ensures easy setup and efficient management of HSAs.

Competitive Rates: We offer competitive interest rates for HSA accounts.

 

As we look towards 2024, HSAs emerge as a key component in a forward-thinking business strategy. They not only offer financial benefits but also contribute to a culture of health and well-being. Fortifi Bank is dedicated to partnering with you to harness the full potential of HSAs, paving the way for a healthier and more financially secure future for your business and employees.

 

Learn more about HSAs from Fortifi Bank   /  Contact us to get started.

 

SHRM. (2023). IRS Gives Big Boost to HSA, HDHP Limits in 2024. Retrieved from https://www.shrm.org

First Dollar. (2022). How Employers Benefit From Offering an HSA. Retrieved from https://www.firstdollar.com