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The advantages of providing a Health Savings Account (HSA) at Frontline PR are substantial. At first, they provide savings for the firm that executes them. Cost savings aligns with assisting the firm to sustain its cash position and permit more money for other activities. Further, they are portable, permitting a worker to retain their contributions, even when they leave the firm. One may invest the money contributed to an HSA, and all the returns and contributions may be utilized to pay for expenses of qualified medical (Esterson, 2021). If an employee gets a new job, one will take the HSA with them to the next job regardless of the kind of job or the situation. It allows the account holders the capacity to accumulate more money for their healthcare needs. In addition, with the implementation of HSA, there would be no federal income tax on their contributions regardless of one’s income. There is no income cap; therefore, anybody may take part and benefit from the tax savings of an HSA (Keller & Sweetnam, 2018). Besides, the contributions made by the state are not subjected to state income tax.
Furthermore, others can contribute comprising oneself, a relative, an employer, or anybody else who needs to contribute to one’s HSA. Employees can utilize whatever medical services they need and no longer have to worry about utilizing an in-system provider. If one has money left in the account at the year-end, it rolls over to the following year (Berkley, 2019). However, this comes with increased cases of maximum out-of-pocket limits and higher deductibles. Recordkeeping is another shortcoming because one has to keep receipts to show that one’s withdrawals were utilized for qualified health costs. A firm will have to weigh its alternatives carefully before executing such a plan (Esterson, 2021). It may be recommended that a Health Reimbursement Account system can be better because it permits involvement in a high deductible plan even though this does not hurt the worker as much.
References
Berkley, T. (2019). HSA owners manual: What every Accountholder, employer and benefits consultant needs to know about health savings accounts – And how to (3rd ed.). Independently Published.
Esterson, B. (2021). Health savings accounts: Advantages and disadvantages: Learn about health savings accounts (3rd ed.). Sage Publications.
Keller, C. L., & Sweetnam, W. F. (2018). Health savings account answer book (7th ed.). Aspen Publishers.
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