Will HSAs Work for Your Company?

Will HSAs Work for Your Company? Take HSAfinder.com's "Demographics Test" This simple test can help determine whether HSAs will work for you, regardless of how many employees you have—even if only one (i.e., you are self-employed).
1. How many employees do you have? (please include yourself)
2. How many of your employees are between ages 21 and 30?
3. How many of your employees already participate in an IRA, Keogh or 401(k) plan?
4. How many of your employees have a gross income of over $50,000?
5. How many of your employees are covered by a relative's heath plan?
6. How many of your full-time workers have a gross income of under $23,000?

Results If the above total is over 20 points, your business can benefit from participating in an HSA program. If the total is higher than 100 points, your business may reduce operating costs by a significant margin with an HSA strategy in place in the current tax year. If the above total is lower than 20 points, you may not have the necessary cash flow or capital to get the best benefit from the HSA program. If this is the case, meeting with a tax advisor this tax year may help achieve this goal in future years.