Health Savings Accounts are tax-advantaged IRA-type custodial accounts that can be contributed to by, or on behalf of, “eligible individuals” who are covered by certain high-deductible health plans (HDHPs) to pay for certain medical expenses of the eligible individuals and their spouses and tax dependents. An HSA-eligible individual can make contributions (up to statutory limits) to an HSA and get a tax deduction, which reduces an individual’s adjusted gross income before itemized deductions are considered. Investment earnings on HSA funds generally are tax-free. HSA funds withdrawn for qualified medical expenses are completely tax-free. Employers who contribute to their employees’ HSAs or offer HSAs under a Cafeteria Plan receive a federal tax deduction for those contributions.
Medcom’s HSA solution is offered in conjunction with a partnership with PNC Bank. There are investment options available through PNC. We offer a one-debit card solution that
will accommodate multiple benefits on the same debit card, such as a Limited FSA and/or Dependent Care Assistance Plan. We also offer participants 24/7 online access, including BillPay options and the ability to make additional, after-tax, contributions into the HSA.
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