The Health Savings Account, also known as an HSA, is a type of section 125 plan where funds grow tax free to pay for medical expenses. Employees own the HSA account, and can take it with them if they change jobs. In order to participate in an HSA, an employee must have a High Deductible Health Plan (HDHP). This means the individual pays a certain amount per year in out-of-pocket medical expenses.
The HSA combined with the HDHP offer financial benefits to both the employee and the employer. SurePayroll helps you understand these savings, showing your employees how much can be saved as an individual and how much you can save as an employer.
SurePayroll is the online payroll calculator that does all the legwork for you while cutting payroll processing to two minutes and saving small business owners potential payroll penalties. Give us a call at 877.954.7873 to see how we can alleviate all of your payroll headaches.