Tax Advantaged Accounts
Aspen HR offers a Health Savings Account, or HSA, which is a medical savings account that lets employees pay for out-of-pocket healthcare expenses with pre-tax dollars if they are enrolled in an HSA qualified High Deductible Health Plan (HDHP).
An HSA is an individual account, fully owned by the account holder in the same manner as a personal bank account. Once funds are contributed, whether by the employee, employer, or anyone else, the employee becomes the owner of the funds in their HSA immediately. Any interest or earnings on the HSA funds are theirs. There is no deadline to spend these funds.
An HSA offers employees a triple tax advantage as well as a method to save for future healthcare expenses. Contributions, interest and investment earnings, and payments from their HSA (for qualified medical expenses) are all tax free.
A Flexible Spending Account (FSA) is a pre-tax account used to pay for eligible out-of-pocket medical, dental, vision and hearing expenses not covered by the medical plan. We offer several types of FSA plans.
The Healthcare Reimbursement Account is for out-of-pocket medical, dental, vision and hearing expenses incurred by the employee and the employees qualifying eligible dependents.
The Dependent Care FSA can be used to pay employee expenses related to the cost of dependent care while the employee is at work or school.
The Limited Purpose FSA only reimburses for eligible dental and vision expenses. This plan is most frequently used when the employer offers a Health Savings Account (HSA). IRS regulations do not allow anyone to make or receive HSA contributions if they are enrolled in a full Health FSA.
A commuter account can help reduce employee’s work-related transportation expenses by allowing them to use pre-tax dollars and defines a monthly maximum for eligible mass transit and parking expenses.
To enroll, employees calculate how much money they need for work related mass transit and/or parking each month to be deducted from their pay pre-tax