A Totally Rad Total Rewards Glossary
Glossary of Employee Recognition, Total Rewards, and Company Culture Terms
Health Savings Account (HSAs)
Health Savings Accounts (HSAs) are a type of tax-advantaged savings account that individuals can use to pay for qualified medical expenses. They are typically offered in conjunction with high-deductible health plans and allow individuals to contribute pre-tax dollars to the account, which can then be withdrawn tax-free to cover eligible medical expenses.
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What is the impact of health savings accounts?
Health Savings Accounts (HSAs) can have a significant impact by helping companies provide valuable benefits to their employees while also reducing healthcare costs. By offering HSAs, companies can boost their benefits while promoting wellness among their workforce. Additionally, HSAs can help employees better manage their healthcare expenses, which can reduce their financial stress and increase their overall satisfaction with their employer.
How can health savings accounts benefit employees?
Health Savings Accounts (HSAs) provide a tax-advantaged way to save for medical expenses, which can help employees manage their healthcare costs and reduce their financial stress. Also, by offering HSAs as part of their total rewards, companies can show their employees that they value their health and well-being, which can increase employee loyalty and retention.