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Wednesday, November 13, 2024

1.0 HRCI & 1.0 SHRM: Health Savings Accounts (HSA): The Benefit That Can Have the Greatest Impact for Your Employees’ Futures

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Wednesday, October 16, 2024

Avoiding Common Mistakes: A Guide to COBRA Compliance

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With nearly 50 years of experience administering employee benefits for 80,000+ clients, TASC has a rich history in serving businesses of all sizes nationwide.

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As the nation’s largest privately held third-party benefits administrator, TASC has a mission to improve the health, wealth and well-being of its customers, employees, and communities.

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HSA

Health Savings Accounts

HEALTHCARE

Ease of management & tax savings

A Health Savings Account (HSA) is an account established under Section 223 of the Internal Revenue Code for the purpose of paying qualified medical expenses incurred by the account beneficiary.

HSAs allow employers and employees to make tax-free payroll contributions to the plan to pay for certain out-of-pocket medical expenses. By paying for these expenses on a pre-tax basis your employees increase their take-home pay without costing you more money. You, the employer, save on payroll taxes for all participating employees.

Health Savings Account (HSA)

Employer must offer a High Deductible Health Plan. Employer and employee can contribute to the account. Eligible expenses include out of pocket medical, dental and vision expenses along with Medicare or COBRA premiums.

Participant Benefits

TAX ADVANTAGED

Employer Benefits

Why TASC HSA Benefits?

Empower health
Invest in future

As more employers shift to high-deductible health plans (think lower premiums), HSA enrollment is growing across all generations.

Offering investment opportunities with our HSA, positions your company as a leader in employee well-being and represents a game-changer in attracting and retaining top talent who value long-term financial security.

No Fees

Paired with any high-deductible health plan (HDHP), TASC HSA administration is free of charge and does not include any bank, administration, or participant fees.

Tailored & In-Demand Investment Choices

Diverse, customized, and low expense investment funds screened by TASC’s Independent 3rd Party Advisor combined with triple tax savings, makes investing easier and more beneficial.

Carrier Agnostic

TASC HSA pairs with any HDHP Carrier, allowing consistency for participants even if you change carriers.

Frequently Asked Questions

why offer an HSA?

Here are several reasons why an employer might want to offer a Health Savings Account (HSA) to their employees.

Cost Savings: HSAs can be a cost-effective way for employers to offer healthcare benefits to their employees. This is because HSAs are paired with a qualified high-deductible health plan (HDHP), which means that the employer’s insurance premiums are lower than they would be for a traditional health plan.
Tax Benefits: HSAs are unique in that they carry a triple tax advantage. Triple tax advantage means that contributions go into the account tax-free, existing funds grow tax-free when invested, and withdrawals are tax-free when used for qualified medical expenses. Plus, after the age of 65, withdrawals for non-qualified medical expenses are simply taxed at your regular income tax rate and no longer carry the same penalty as before.
Employee Satisfaction: Offering an HSA as part of a benefits package can help attract and retain employees. Employees appreciate having control over their healthcare spending and the tax advantages that come with an HSA.
Flexibility: HSAs offer flexibility in how funds are used to pay for healthcare expenses. Employees can use their HSA funds to pay for a wide range of medical expenses, including deductibles, co-payments, and prescription medications.
Portability: HSA accounts are owned by the employee, which means that they can take their HSA with them if they leave their job or retire. This makes HSAs an attractive option for employees who are concerned about their long-term healthcare expenses.
Savings: HSAs are a fantastic way for employees to save money for medical expenses at retirement. They can also continue to contribute to the account after they leave the employer, provided they maintain a qualified HDHP.

What are the TASC HSA Features?

HSA Trustee – TASC HSA pairs with any carrier HDHP allowing participants HSA account consistency even if you change carriers. Unlike bank HSAs, we understand the regulations tied to HSAs and participants have access to the industry services leaders for all their eligibility questions.
Interest Earning Accounts – HSA funds earn interest on both their cash account and investment account. Cash accounts earn interest which is applied quarterly. Investment accounts earn dividends, which work the same way as interest, except earnings on dividends fluctuate based on market performance. Employees can choose a maximum cash balance to quickly retrieve HSA funds for medical expenses and have any excess HSA funds automatically swept into investment accounts.
Enrollment Education – TASC’s electronic employee HSA Guide outlines HSA benefits and IRS regulations to help increase employee understanding and participation.
Electronic Files (EDI) – We accept feeds from a wide variety of systems helping simplify enrollment, ongoing eligibility management, and payroll deductions.
Guaranteed Compliance – Our compliance experts ensure that your plan adheres to the ever-evolving regulations governing tax advantaged benefit accounts.
ZERO Fees – TASC HSA requires no admin fees, no bank fees, and no participant fees!

How Does an HSA Work?

Pre-tax funds are deducted via payroll deduction and are deposited into a selected financial institution custodial account. When a qualified expense is incurred, the employee requests reimbursement from the HSA to pay for the expense.

This “request” can be handled in a variety of ways, based on the specifics of said account. Customarily, methods such as debit cards, and so on are made available to HSA account holders.

Eligible HSA Expenses

Qualified medical expenses for HSA include costs for medical care as defined in Section 213(d) of the Internal Revenue Code, but only to the extent the expenses are not covered by insurance or otherwise. Generally health insurance premiums are not qualified medical expenses except for the following: qualified long-term care insurance, COBRA continuation healthcare coverage, and healthcare coverage while an individual is receiving unemployment compensation. The qualified medical expenses must be incurred after the HSA has been established.

Who can contribute to a Health Savings Account?

Anyone enrolled in a High-Deductible Health Plan (HDHP) can contribute to a Health Savings Account (HSA), whether they’re self-employed, employed by a small business, or covered by a larger employer’s plan. Additionally, contributions can be made by an individual, their employer, or both, up to the annual contribution limit set by the IRS.