In a previous blog I discussed what HSAs are and who qualifies to participate in them. Now I would like to discuss some of the benefits for HSAs in a series of blogs.The first benefit of HSAs is the tax savings associated with the program. Contributions to your HSA are made with pre-tax money which decreases your overall taxable income and any earnings made on money in your HSA are not considered a part of your gross income.Additionally, all distributions from your HSA used for qualified medical expenses for you, your spouse or your eligible dependents are also tax free. Consider the money you could save in taxes by using an HSA.

Samantha Bushard is an HR employee for the Idaho office of A Plus Benefits, Inc.

This entry was posted on Monday, July 23rd, 2007 at 3:52 pm and is filed under Accounting, Benefits, Compensation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.