Medical savings accounts in MA are available only to people with high-deductible health insurance plans (HDHPs). You can save your company a good chunk of money by offering these plans to your employees: HDHPs have lower premiums than do typical health insurance plans.

If your company has a Section 125 plan, contributions to the accounts can be done pre-tax by your benefit administrator: This makes contributions simple for your employees and efficient for you. A Massachusetts health insurance savings account (HSA) may sound like a good idea for every company, but there are a few things to think about before proceeding:

1. Realize that your employees own the entire balance of their health insurance savings accounts in MA. They're entitled to all of it if their employment with your company is terminated for any reason.

2. Note the contribution limits. As an employer, you can contribute as much or as little as you want to Massachusetts health savings accounts, so long as the maximum is not exceeded between the contributions you and your employee make.

3. Find a good benefit administrator. Health savings accounts in Massachusetts are not hard to set up, but you need to make sure they're maintained properly.

Action Steps
The best contacts and resources to help you get it done

Find brokers that offer Massachusetts health insurance savings accounts

Health insurance brokers are authorized to sell HSAs as well as regular insurance. If you can find a good broker to set you up with both plans, you'll save yourself some time and possibly some money.

I recommend: Discover the tax benefits of an HSA at Group-Insurance-Guide.com before you request information. Submit an online quote request form at Health Plan Specialists, a brokerage licensed in MA.

Go straight to the source with insurance carriers that offer Massachusetts health saving accounts

Many high deductible plans are now bundled with HSAs to give subscribers better control over their health care. Explore the possibilities to see if this is the best route to take with your business.

I recommend: Take a look at the variety of plans offered by NASRO. Check out the small business HDHP/HSA plans at Aetna, then fill out an information request.

Get the resources you need to get Massachusetts health savings accounts started

Because HSAs are a bit more complicated than regular insurance plans, you'll want to download and print out your application so you can sit down and fill it out correctly. Just fill out the forms and then send them to the carrier you chose.

I recommend: Choose from a variety of plans at Northeast Business Trust. Download a group set-up form from Bank of America.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  The U.S. Department of the Treasury must approve all health insurance savings accounts in Massachusetts to ensure that they're qualified as tax-deductible. The HDHP must be approved as well.
• •  If you're having trouble finding someone you trust to open your HSA, look for bankers who are approved as custodians or trustees of Individual Retirement Accounts (IRAs). These folks are automatically approved by the Treasury to service HSAs.