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Since their inception in 2003, Health Savings Accounts (HSA) have increased in popularity as more people realize the benefits. An HSA allows participants to pay for their deductible, coinsurance, co-pays, and over-the-counter medications with triple tax savings. Employers can write off the money they contribute to their employees’ HSA accounts, as well as save on FICA taxes due to reduced taxable income for employees because of their pretax contributions.
When it comes to selecting an HSA trustee, you have a lot of options. With TASC, you get more than a bank trustee. You get a leader in compliance and employee reimbursement with over 40 years experience.
HSAs are unique in that they carry a triple tax advantage. Triple tax advantage means that contributions go into the account tax-free, existing funds grow tax-free when invested, and withdrawals are tax-free when used for qualified medical expenses. Plus, after the age of 65, withdrawals for non-qualified medical expenses are simply taxed at your regular income tax rate and no longer carry the same penalty as before.
And best of all, TASC HSA is FREE. That's right, we offer no-cost HSA administration.
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