HSA2018-11-15T21:29:16+00:00

HSA (Health Savings Account)

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Health Savings Accounts

An HSA is a tax-advantaged savings account that is used in combination with a High Deductible Health Plan (HDHP) and gives your employees a new way to manage healthcare costs. They can use the HSA funds to cover qualified medical expenses—from co-payments at the doctor’s office to pharmacy bills, dental care, vision care, and more.xt, reducing your risk of losing dollars at the end of the plan year.

WHAT IS AN HSA?

A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP).

  • With the B3PA HSA, any earnings on your contributions are tax-advantaged. Meaning, earnings on your HAS dollars are not subject to taxation.
  • The HSA account is funded by pre-tax contributions by the employee.
  • Employers and other third parties also can contribute to the account.
  • A Limited Purpose Medical FSA works with a qualified high deductible health plan (HDHP) and Health Savings Account (HSA). A limited FSA only allows reimbursement for vision and dental expenses.
  • The employee determines the amount of money that is withheld each paycheck before payroll taxes are deducted.
  • There is no “use it or lose it” condition.

WITH AN HSA YOU CAN:

The funds contributed to an account are not subject to federal income tax at the time of deposit.

  • Add depth and flexibility to your employee health benefits and retirement plans with secure, FDIC-insured financial accounts.
  • Save money on health insurance premiums by offering HSAs along with high deductible health plans.
  • Provide web-based, fully integrated portals with 24/7/365 access to account information.
  • Enjoy secure access to accounts using a convenient Consumer Portal available 24/7/365.
  • Free Human Resources staff with secure and easy-to-use online, self-service portals you and your employees can use 24/7/365.
  • Promote healthier lifestyle choices through increased employee involvement and use of 100% covered preventative care.
  • Go Green with paperless online claims, direct deposit reimbursement and electronic statements.

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