Health Savings Account

What is a Health Saving Account

HSA is a tax-advantaged trust or custodial account that individuals can use to pay for (or reimburse themselves for) qualifying medical expenses. Unlike health reimbursement arrangements (HRAs) and health flexible spending accounts (FSAs), HSAs must be paired with high-deductible health plans (HDHPs). Also different from HRAs and health FSAs, the employee is the owner of the HSA, not the employer.

To be eligible to contribute to an HSA, an individual must be covered by a qualifying HDHP. In addition, the individual cannot be covered by any other health coverage (with some narrow exceptions), enrolled in Medicare or claimed as a dependent on another person’s tax return.

Both employers and employees are able to make HSA contributions; this is in contrast to an HRA where only employers can make contributions. An individual who contributes to his or her own HSA (separate from an employer) may take an above-the-line tax deduction for the contributions. Employers can also take a tax deduction for HSA contributions. If an employer sponsors a Section 125 plan (cafeteria plan), employee HSA contributions may be made on a pre-tax basis through the cafeteria plan. 

HSAs are subject to maximum annual contribution amounts. The amounts vary depending on whether the individual has self-only or family HDHP coverage, and they are indexed annually by the IRS. Employees who receive employer contributions to their HSA must take this contribution amount into account when determining their own contribution, so as to not go over the IRS limit.

Individuals may use their HSAs to pay for (or reimburse themselves for) their own qualifying medical expenses, as well as their spouses’ and dependents’ qualifying medical expense, on a tax-free basis. Qualifying medical expenses are unreimbursed medical care expenses (as defined under Section 213(d) of the Internal Revenue Code) that are incurred after the HSA is established. Over-the-counter medicine expenses (except insulin) cannot be reimbursed from an HSA unless they are prescribed. 

GDI Creates Unbeatable Health Quoting, Enrollment Technology Combined with State of the Art HR Platforms for its Clients.

GDI Insurance Agency, redefined employee benefits. GDI Insurance Agency, Inc. includes state of the art HR systems, wellness, traditional employee benefits, from health, dental, life, 401k etc, but has also added employee safety with its OSHA compliance programs.

Additionally GDI Insurance Agency, Inc. has teamed up with the leading provider of enterprise technology for the employee benefits industry, today announced that it will partner with an all-in-one software platform to manage HR and employee benefits. Together they provide a seamless solution for HR managers and health insurance professionals, streamlining the HR and benefits decision making processes. Combined with a dedicated Health Insurance Broker for each client who knows you and your account makes GDI Insurance Agency, Inc. unbeatable in the Health and HR arena.

Health Savings Accounts HSAS

Health Savings Accounts seem complicated, but with the help of GDI Insurance Agency’s Health Insurance Experts we will have you saving money on your health insurance in no time.

Call GDI Insurance Agency, Inc. group health insurance experts to help you get started and see how much you can save by starting your HSA!

According to the Agency for Healthcare Research low deductibles and small co pays can increase the cost of your health insurance by as much as 40%.

Because minimal co-payments make it easy for us + to submit insurance claims for minor health care expenses that we can afford to pay without insurance. Of course we all need insurance to cover major health care expenses like surgery or hospitalization.

So what’s the solution?

A tax exempt Health Savings Account and low cost Major Medical Insurance It’s a combination that can reduce the cost of your insurance by as much as 40% minimize your rate increases allow you to choose your own health care benefits and pay for ALL your health care expenses with tax deductible dollars!

Experts In the Industry

Contact GDI Insurance Agency at 1-888-991-2929 for your comprehensive employee benefits quote. Experience the GDI difference and see why our clients love working with us!

Industry Leading Solutions

GDI Insurance Agency, Inc. is very excited to partner with leading industry solution experts to offer smart, dynamic and time-saving technology integrated with the Health platform, HR and payroll processing will be simpler and streamlined for small, midsize and the largest employers who currently struggle to manage these fragmented and manual processes, such as ACA compliance to name just one item that is just handled by GDI’s new program!

GDI Insurance Agency, Inc. has created the perfect match of cutting edge technology so HR departments can have a single sign-on and seamless process for hiring, onboarding, enrolling in benefits and meeting the complex compliance demands of the Affordable Care Act, as well as added the benefit of having both access to attorneys and a dedicated GDI benefits broker to work with. No call centers, no waiting for the next available rep. You call your dedicated broker that knows you, knows your account and handles any issues you need help with.

No broker of new program can come close to GDI’s offer. In addition GDI also offers a portal to help with all your OSHA Safety Compliance and even keep you OSHA 300 log online.

Here’s How An HSA Works

A Health Savings Account or HSA is like an Individual Retirement Account an IRA but for health care expenses instead of retirement income. The money you deposit is tax deductible and the interest you earn is tax exempt. But the money you take out to pay for health care is also tax exempt. Whatever you don’t spend you can later use to pay for future healthcare expenses. Which gives YOU control over your healthcare benefits NOT the insurance company.

Learn About the GDI Client Philosophy!

Safety and Compliance

  • Employee Manual
  • Base Safety Programs
  • Human Resources
  • Employee Training

Insurance & Risk Management

  • Basic Policies - Liability
  • Basic Policies - Employee Benefits
  • Employee Benefits
  • Contractual Transfers

Maximization of Efficiencies

  • Accounting & Taxation
  • Legal Guidance & Council
  • Safety & Training
  • Specialized EPA Inspections & Certifications
  • Inspection Assistance
  • Insurance Visit Support

If You Think This Sounds Too Good To Be True, Here Is What Just A Few Of Our Clients Have To Say about their Insurance:

"“…$385,000 less a year than we were paying

We looked hard at all our budget items, and insurance seemed to be a big fixed expense. GDI found us a policy for $385,000 less a year than we were paying”

-CA Home Builder

"…found me coverage for $140,000 less a year

When everyone else said that was the best they could do, I called GDI, and they found me coverage for $140,000 less a year than anyone else offered.”

-CA Cement Contractor

GDI Insurance Agency, Inc. Your Trusted Business Insurance Experts

GDI Insurance Agency, Inc.

At GDI Insurance Agency, Inc. we will do the work for you to ensure you have the best protection plan for your California business.  Not only that, but as you can see, we will go the extra mile to make sure your business is protected from the inside-out. 

Located in Turlock, CA we have offices throughout California’s Central Valley, Northern California and beyond.

To put the GDI Insurance Agency, Inc. experts to work for you, simply fill click our quote button above or call our office today at 1-888-991-2929 to learn more about GDI’s Health Savings Account Program!