Health Savings Account
Professional Employer Organization (PEO)
Enhance the benefits package offered through the Paychex HR Solutions employee leasing option by starting a Health Savings Account (HSA). An HSA is a pretax savings tool designed to be combined with a qualified high-deductible health insurance plan (QHDHP). With a QHDHP, an HSA can give you and your employees greater control over healthcare spending by allowing you to reserve tax-free funds for current and future medical expenses.
Enrollment in a QHDHP is required in order to make deposits into an HSA. For a high-deductible health insurance policy to qualify, the deductible and annual out-of-pocket expenses must meet specific IRS guidelines.
In conjunction with a Premium Only Plan (POP), an HSA offers exceptional tax savings for participants.
- Pretax fund contributions.
- Tax-free interest on HSA funds.
- Tax-free payment of qualified medical expenses.
With tax-free employer contributions, you can also help your employees on the way to saving.
Each year, participants may contribute an amount up to the annual IRS limit with some conditions. Any unused balances can be rolled over from year to year, and can grow through additional contributions and potential earnings.
2010 IRS Limits
$3,050 for single coverage
$6,150 for family coverage
When combined with a Paychex Premium Only Plan Premium Only Plan (POP), your HSA becomes integrated with payroll processing. This allows automatic pretax deductions for your employees.
Paychex helps you set up and manage HSA benefits by taking care of time-consuming recordkeeping details, including legal documentation.
Enhance Your Employee Benefits
Paychex offers health insurance and other important coverage with complete administrative support for any size business. Learn more.
Receive help selecting and managing the retirement plan that best fits your business needs. We offer a wide array of investment choices backed by centralized administration and the ability to work with a financial advisor, or manage the plan yourself. Learn more.
Learn details about the new health care reform law and find out what actions you need to take. Learn more.
Learn what to look for when shopping for an insurance plan for your business. Learn more.
Health Insurance White Paper
Download our FREE white paper outlining the benefits of health insurance for businesses and employees, as well as important decision-making criteria for business owners.
Learn more.
For more information about our products and services, please contact a Paychex representative at 800-322-7292, Monday through Friday from 8:00 a.m. to 8:00 p.m. ET. Or, complete our online form for a no-obligation quote.
Professional employer organization (PEO) services are sold and provided by Paychex Business Solutions, Inc. (PBS) and its affiliates, which are registered and licensed as required to sell and provide PEO services, including in Florida. PBS FL license numbers are GL7, GM46, and GM14.
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