Today over 20 million Americans have HSAs…and the number is growing! A Health Savings Account (HSA) is a tax-advantaged savings account tied to a high deductible health insurance plan. An HSA is funded with pretax contributions up to certain annual limits set by the IRS. Any growth inside an HSA is tax deferred, and what you don't spend in one year can carry over to subsequent years. Just as importantly, withdrawals made from your HSA for qualified medical expenses are tax-free. Tax-qualified LTCI premiums (Group LTCI) are a qualified medical expense eligible to be paid from HSA funds. The maximum annual premium you can pay tax-free is subject to LTC Insurance premium deduction limits.
In “plain English” – employees can use HSA dollars to fund Group LTC Insurance premiums. This makes the purchase of this important coverage tax-advantaged or pre-tax.
Check out our “Essential Guide to Group Long-Term Care Insurance”.
Ready to add Group LTC Insurance to your business/clients’ benefits offering? Call us at 877-949-4582 x7 or visit us at https://www.ltcipartners.com/groupltc