Health Savings Accounts made easy.
Health Savings Accounts offer a triple tax benefit for employees. Contributions, earnings, and distributions are all tax-free for the user. With Clarity HSA plans, our clients gain maximum control and flexibility in managing their healthcare costs. All users get easy access to their funds and advanced payment options for unexpected costs, helping them prepare for the unexpected.
What It Is
A health savings account (HSA) is a powerful pre-tax account that can be used to pay for current and future healthcare expenses. The money carries over and acts like a retirement account for medical, dental, and vision care expenses. Employees can invest their money and save for their future health needs.
- Contributions to an HSA plan are 100% deductible (up to the legal limit) — just like an IRA.
- This year the HSA contribution limit is $3,400 for single participants and $6,750 for families.
- Contributions can be spent on out-of-pocket medical, dental or vision care expenses.
- Participants over age 55 can contribute an extra $1,000 as a catch up.
- HSA’s must be paired with high deductible health insurance plans.
- Unlike an FSA, savings are never forfeited at the end of the year.
- Employees can use a variety of investment options including mutual funds, money market accounts, and savings accounts.
- HSA contribution amounts can be changed at any time during the year.
How It Works
Clarity HSA Administration with balance support provides overdraft protection on HSA purchases at the point of purchase. Similar to an FSA an employee can get up to their annual election at any time during the plan year. The advance comes from a fund the employer sets-up. Advanced funds are paid back through future payroll deductions.
We make it easy for Clarity consumers to use their Healthcare HSA and get the best value from each dollar spent. Every one of the 4,000 products in HSA Store is eligible for reimbursement. Items purchased through HSA Store are auto-substantiated, and comply with even the most recent healthcare reform provisions. Our store makes it fun and easy for consumers to use their HSA and save even more money!