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Health Savings Accounts (HSAs)

Health Savings Accounts - At A Glance

Triple Tax Advantage - Employee Driven Savings
When enrolling in a high-deductible health care plan, offering a Health Savings Account (HSA) to your employees provides a way to pay for healthcare and encourages saving for out of pocket expenses.

Key advantages of an HSA include:
-- Triple tax savings
-- Interest and investments
-- Accessible via debit card or online portal
-- Portable - can continue to use the account if they dis-enroll from the HDHP, or leave the company

*** Any earnings (interest) from the HSA are also tax-free.

Employees can invest money, once they reach a minimum balance in the HSA, growing their account over time.  The investment portal is available via single-sign on through the employee portal.  Like a 401k plan, participants can set up allocation models for future contributions, and transfer money to or from their investment account at any time.

Employer savings can be maximized by making contributions to employee accounts.  These contributions go toward the annual maximum amount permitted by IRS guidelines, and can encourage participation.  Our communication and marketing team can work with your staff to develop customized flyers and presentations to educate and encourage employees to learn more about the benefits of an HSA.

Reach out today for more details and answers to your questions.  Some of the standard services for our HSA administration include:

  • Customized Employee Communication Materials for each plan year, including educational flyers
  • Conducting open enrollment sessions with participants on site
  • Ensuring Plan compliancy
  • FDIC Insured Accounts with our banking partners - Avidia Bank and UMB Bank
  • Highly competitive interest rate earned from day one
  • FBA Benefits card (can be linked to a limited FSA-medical account on the same card)
  • Free online bill pay service, including "Pay to Provider" 
  • Ability to administer HSAs standalone outside of a cafeteria plan
  • Integrated FBA Benefits Card – FSA/HRA/HSA
  • Ability to maintain the FBA HSA, even if the insurance carrier changes