HEALTHCARE
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.
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.
TAX ADVANTAGED
Why TASC HSA Benefits?
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.
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.
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.
TASC HSA pairs with any HDHP Carrier, allowing consistency for participants even if you change carriers.
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.
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.
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.
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Universal Benefit Account, AgriPlan/BizPlan and COBRA/Benefit Continuation
For inquiries regarding your TASC service offerings:
Call: 608-241-1900 or 800-422-4661, M-F, 8-5, based on the area code where the call is coming from.
Every Wednesday morning phones are not available until after 9:00 am (CST), as our customer care team is in training.
Support Request: Log in to your MyTASC account and click on Contact Us.
Mail: Total Administrative Services Corporation
2302 International Lane
Madison, WI 53704
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To access MyTASC as a Distributor, click here! For general information on your current TASC clients, contact our Provider Service team and please have your TASC ID ready: 888-595-2261, option 2, then 3.