Health Savings Accounts (HSAs) are a great way to save money on medical expenses by setting aside income on a pre-tax basis. For many Millennials, taking advantage of HSA funds is the perfect way to plan for unexpected medical costs while maintaining financial flexibility.
For Millennials with student loan debt and a history of low medical costs, saving for health expenses isn’t always a priority. However, HSAs offer Millennials the perfect blend of value and flexibility. Since many Millennials tend to be healthy and have lower medical expenses, it’s the perfect time to choose a HDHP with employer funding and allow the money in their HSA balance growing for the future. HSA funds are added, grown, and withdrawn tax-free when used for qualified medical expenses. Your HSA balance carries over year to year with no penalty for unused funds and is completely portable when changing employers through the years.
BASIC HSA pairs with any carrier high deductible health plan (HDHP) – no need to ever change HSA Trustees! We offer no-cost debit cards, compliance expertise, and a full-service web portal to make things easy. If your company is looking for a cost effective way to provide a richer benefits package to its employees, BASIC HSA is a no-brainer.
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