Risk & Business Magazine Marcotte Magazine Fall 2017 | Page 27

HSAs
slight increase from the previous year. If
you are considering implementing an HSA
program for your organization, here are
some other things to consider:
1) EMPLOYEES DO NOT HAVE TO
BE SIXTY-FIVE TO ACCESS THEIR
ACCOUNTS.
Even if you are planning to use the funds
for medical or dental expenses in the same
calendar year you make contributions,
HSAs still provide savings because you are
able to pay for treatments with untaxed
dollars. That’s like receiving a substantial
discount on all of your medical, dental and
vision expenses, including prescription
drugs, health insurance premiums
under COBRA and other health-related
expenses.
2) FUNDS ARE NOT AT RISK OF
FORFEITURE.
Unlike Flexible Spending Accounts
(FSAs), funds that employees accumulate
in an HSA—whether through their own
contributions or their employers’—cannot
be lost to them if the funds are not used
within a particular time period. There is
no need to estimate expenses for medical
events that may or may not even occur.
from their HSA over the long run.
4) HIGH-DEDUCTIBLE HEALTH PLANS
ARE A PREREQUISITE.
The HSA option is only available to
employees that participate in high-
deductible plans, i.e., those that have a
minimum annual deductible of $1,300 per
individual or $2,600 per family. The goal
of the HSA is to soften the blow of paying
for noncovered medical items.
provide the best possible options available
to keep them healthy, both physically
and financially. For more information
about bringing an HSA program to your
organization, please contact Bill Barclay at
[phone]. +
5) CONTRIBUTION AMOUNTS CAN BE
FLEXIBLE.
Even if your employees don’t choose to
deposit the account maximums through
payroll deductions, they are free to add
funds to their account before the close of
each tax year.
Everyone, it seems, is bogged down by
sky-high medical, dental, vision, and
premium costs just to keep themselves
covered in the event of catastrophe. These
increases show no sign of abating any time
soon either. Your employees look to you to
3) EMPLOYEES CAN CREATE
INVESTMENT ACCOUNTS.
Although some cash is required in the
account, employees can also choose to
invest the excess in mutual funds or
other long-term investment vehicles. If
employees are able to invest these funds
wisely, they can reap additional benefits
BY: BILL BARCLAY,
EMPLOYEE BENEFITS
ADVISOR
Bill Barclay is an Employee Benefits Advisor within Marcotte’s Employee Benefits
division. Bill is one of the principals of the agency and serves on the Board of Directors.
Bill has been on the management team at Marcotte for over 20 years. He works as
a liaison between the insurance companies and Marcotte’s Account Executives and
customers. Bill is active in the design, pricing and implementation of insurance and
comprehensive benefit programs. He can be reached at 402-970-3313.
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