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Health Savings Accounts (HSA)

A Health Savings Account (HSA) is an important component of your BenefitWallet and an integral part of your high deductible health plan strategy. The idea is simple: after enrolling in a qualified high deductible health plan (HDHP) and opening an HSA, members can use accumulated tax-free contributions to pay for health care costs for themselves, their spouse and any tax dependents — including doctor and hospital visits, co-payments, eyeglasses, prescriptions, certain long-term care insurance premiums and COBRA premiums.

Both you and your employees can contribute to an HSA up to an annual limit specified by the IRS, but your employees retain control of their account and are able to rollover any funds remaining at the end of the year. From day one, the funds belong to them and can be used at any time in the future.

Our HSA offers you the following advantages:

  • Design consultation: Based on extensive experience with employers, we provide assistance in developing an effective approach for enrollment, account contributions/funding, fees and ongoing communications. We can also advise on best practices related to plan design and contributions.
  • Training: Employer HSA training includes product training and training related to enrollment, payroll and reporting.
  • Service management: For larger employers, we assign a client service manager (CSM) to support the implementation and ongoing administration of your HSA program.
  • Implementation: We develop and support an implementation work plan to coordinate with the rollout of your HDHP.

HSA Features

  • Interest-bearing, FDIC-insured checking account with a trusted bank custodian
  • Integrated investment account
    • Broad portfolio of highly-rated investment options
    • Multiple fund families
    • No minimums, no loads, no transaction fees
    • Automatic sweeps
    • $1,000 threshold to invest
    • $1 investment minimum
    • Investment Wizard to guide the decision process
  • Online bill payment and fund transfers
  • Intelligent BenefitWallet Visa® debit card
  • Checkbook – over one-third of HSA dollars are spent by employees using checks!
  • Educational video library covering a range of topics from basic information to tax filing
  • Health claim account management
  • Mobile account access
  • Online employer reporting
  • Member statements
  • Specialized communication materials

To learn more about our Health Savings Accounts, please contact us.