July 12, 2008
IRS Issues Guidance on Health Savings Accounts
Filed under: News
Vision Payroll

The IRS recently issued Notice 2008-59 on Health Savings Accounts (HSA), which are available to taxpayers enrolled in a High Deductible Health Plan. Qualified contributions to an HSA are not subject to federal income tax and distributions from an HSA for qualified medical expenses may also be made tax-free. The guidance is in the form of 42 questions and answers and the topics covered are: Eligible Individuals, High Deductible Health Plans, Contributions, Distributions, Prohibited Transactions, Establishing an HSA, and Administration. Vision Payroll can work with you and your benefits broker to determine if an HSA is right for you and, if so, to ensure that your HSA is properly established. Vision Payroll will also ensure that your deductions are properly calculated and reported for federal and state tax purposes. An HSA can be a cost-effective alternative to traditional health plans—shouldn’t you find out more today?


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