COLDWATER, Mich., March 30, 2018 /PRNewswire/ -- Jody Oliver, president and CEO of Infinisource Benefit Services, was a guest expert on the money-saving segment hosted by Linda Bell on the Fox News Network. Oliver shared insights into the growing popularity of health savings accounts (HSAs) among people of all ages. An HSA offers several key benefits for participants, which Oliver covered in more detail on the news segment.
In order to use an HSA, an individual or family must be covered by a high-deductible health plan. The IRS defines a high-deductible health plan as a plan with an individual deductible of at least $1,350 or a family deductible of at least $2,700. The HSA must be used only for qualified medical expenses.
When used properly, an HSA offers a triple-tax benefit. "All contributions go in pre-tax, so you can invest in the different mutual funds or take advantage of the cash investment benefits," stated Oliver on Bell's money-saving segment. Pre-tax contributions are the first benefit, while the second tax benefit comes in the form of any interest earned by funds in the account. Finally, if the funds are used for qualified medical expenses, they are tax-free.
Not all employers offer the option to invest funds in an HSA. Participants should check with their employers before enrolling if they wish to invest the funds in their HSAs.
According to Oliver, another somewhat unexpected benefit of an HSA is available to retirees. While an HSA is certainly useful for short-term planning, it can also help individuals plan for retirement. Health care costs continue to rise, which can put a financial strain on those who are no longer working. Putting money aside in an HSA can serve as a supplement to a person's retirement strategy, ensuring the availability of funds to pay for health care costs and other qualified health expenses after retirement.
About Infinisource Benefit Services
Infinisource Benefit Services has been a leader in the COBRA and benefits administration industry since it started in 1986. Over the past 30 years, Infinisource Benefit Services has grown and expanded to include administration for COBRA, Flexible Spending Accounts, Health Savings Accounts and Health Reimbursement Arrangements. Over 10 million COBRA notices have been generated without a single adverse judgment or penalty. Infinisource Benefit Services has also processed more than 7.5 million FSA/HRA claims, and that number continues to grow. With 30 years of experience comes a unique understanding of employers' needs and how to best provide for those needs. For more information, visit www.infinisource.com.
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SOURCE Infinisource Benefit Services