With tax season on the horizon, employers and their benefits teams have a timely opportunity to continue educating employees about the tax advantages of health savings accounts (HSAs), both for this year's tax returns and for future financial planning.
As your employees prepare for the April 15 tax deadline, benefits managers should be communicating regularly to remind them that post-tax HSA contributions (up to the IRS contribution limit) can reduce their tax bills and that they have until that IRS deadline to max out. Employees 55 and older can make an additional annual catch-up contribution and save even more on their taxes while investing for future medical expenses.
Below are important tax considerations to know about as employers educate employees on the benefits that HSAs provide.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
