Our traditional Health Spending Account (HSA) allows employers to deposit funds for each employee on a predictable schedule: monthly, quarterly, semi-annually or annually. The company decides how much to contribute for each employee or employee class and the employees have the freedom to decide how to spend their funds.
As with all of Benecaid’s HSAs, employees can manage their accounts through a secure online portal with the ability to submit claims and view their HSA balance in real time. If an employee submits a claim that exceeds their current HSA balance our system will hold the claim and automatically send the remaining reimbursement to the employee once funds are deposited.
Benefits for Plan Sponsor:
- Predictable billing schedule that’s ideal for clients who like a stable cash flow
- No renewal increase – you set the deposit level per employee/class
- HSA deposits lower the company’s taxable income
- HSA spending trends and reporting by category is available annually at renewal
Benefits for Employees:
- Large list of eligible expenses
- Non-taxable benefit for employees
- No set plan design
- Eligible dependents can include family members, not just your spouse and children
- Convenient only access with the ability to view HSA balance, submit claims, view claims history and more!
For more information on our HSA plans, contact your Benecaid Benefits Consultant or email us at email@example.com.