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Health Savings Accounts: Recent Improvements
[Editor's Note: In his preliminary analysis of this emerging subject in the August 2004 edition our sibling newsletter, Accounting & Financial Planning for Law Firms, Rick Stieglitz noted several key advantages of HSAs for employees: the account accumulates tax-free growth; funds are immediately available for qualified medical expenses; any unused remainder at year's end carries over, rather than being lost; and an employee's account is portable to another employer. HSAs offer tax advantages to employers as well ' if implemented properly. This updated report suggests that HSAs have gotten even more attractive.]
The federal government is bending over backwards to simplify, liberalize and encourage the use of Health Savings Accounts (HSAs). In a recent announcement, for example, the Treasury Department detailed just how easy it is for banks to offer HSAs to their customers. Recent guidance from the IRS has tried to allow as many taxpayers to qualify as possible.
HSAs are tax-favored vehicles that law firms can offer to their employees to pay for qualified medical expenses. They offer above-the-line tax deductions and tax-free growth of portable accounts for law firm employees. Employer contributions to HSAs on behalf of eligible employees are treated as employer-provided coverage for medical expenses under an accident or health plan, deductible to the employer while at the same time excludable from employees' income. As such, no FICA, FUTA or income tax withholding is required. In addition, distributions for qualified medical expenses are tax free to the beneficiary.
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