Health Savings Account (HSA) provides businesses benefit in three ways, which include lowering the cost of providing health insurance to employees; providing an added benefit to employees at no cost and providing an added benefit to employees at no cost.
HSAs also provide individuals an opportunity to lower their taxes every year they contributed to a HSA. There is also tax savings when consumers spend from their HSA using products or services on the IRS list of qualified medical expenses.
Guy Molde, senior vice president of deposit products at Huntington, said: Huntington is excited about Health Savings Accounts because they are something better. There is no other financial product that provides so many benefits to companies that offer them to their employees and individual consumers.
