Health Savings Account

A Health Savings Account (HSA) is a tax-free savings individually owned account used to help pay for qualified health care expenses. Combined with a High Deductible Health Plan, the HSA pays for any qualified expense outlined in the IRS code section 213D. Any unused funds roll over from year to year and continue to earn tax-free interest, increasing the benefit of today’s savings. Therefore, account holders get a triple dose of tax benefits: tax-free contributions, tax-free disbursements, and tax-free interest earned.

Establishing an HSA gives employees the opportunity to save money and gain more control over future expenses, resulting in several possibilities:

• Payroll Tax Savings
• Lower Insurance Premiums
• Increased Employee Morale

At O.C.A., we can help guide you into the growing industry trend of Health Savings Accounts by utilizing our secure online web portal called HSAtoday. To learn more, visit www.myhsatoday.com.

O.C.A. offers the following services with HSA accounts:

• Single source support for employers and employees
• Provide necessary information and documentation
• Medical expense certification
• Debit card
• Mutual Fund Investment options
• Claim Vaulting™ Access
• Electronic storage of necessary documentation
• Online access to account information
• Certification of expense eligibility

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