Call Us: (610) 853-9075 • Toll-Free: (855) 222-5727
Call Us: (610) 853-9075 • Toll-Free: (855) 222-5727

Health Savings Accounts

Health Savings Accounts (HSA) are a tax-exempt trust or custodial account that you can establish with a qualified HSA trustee that can be used to pay for or reimburse yourself for medical, dental and vision expenses that you incur.

What is a Health Savings Account?

An HSA is a tax-advantaged account for the purpose of paying for eligible medical expenses. It is not an employer-sponsored health plan but rather an individually owned account.  In most cases, it is usually established by and through an employer preferred HSA provider. An HSA allows contributions by the employer and employee.

The Benefits of Health Savings Accounts (HSA) include:

  • You can claim a tax deduction for contributions made to your HSA.
  • Contributions to your HSA made by your employee may be excluded from your gross income.
  • Contributions remain in your account from year to year until you use them.
  • Interest or other earnings on the assets in your HSA are tax-free.

Some of the Rules that Apply to Health Savings Accounts Include:

  • In order to participate in an HSA, you must be a participant in a high-deductible health plan (HDHP).
  • An HDHP, at a minimum, must provide for a deductible of at least $1,350 for single individuals and $2,700 for participants with one or more covered dependents.
  • The limit that you can contribute to an HSA for 2019 is $3,500 for single individuals and $7,000 for individuals with coverage that includes one or more covered dependents.

For other rules please click here: www.irs.gov/publications/p969/index.html to view IRS Publication 969.

Health Savings Account Resources

Why Choose The Harrison Group, Inc.’s HSA Solution?

The reasons to offer Health Savings Accounts to employers and employees are clear. And, so are the reasons to choose The Harrison Group, Inc. for your HSA program:

  • Proven multi-account coordination – The Harrison Group, Inc.’s one-stop solution provides the ability to coordinate an HSA with custodial banking services alongside limited-purpose FSA and HRA plans on a single platform. Traditional bank HSA debit cards cannot support multiple products.
  • Easy online enrollment – creates an HSA account using a convenient, paperless process, with no minimum balance required, along with direct deposit and investment accounts.
  • Flexible contributions – You can choose the best method for making contributions to employees’ accounts using file imports or recurring contribution schedules that you manage in your own web portal.
  • Convenient funds access – Employees can access their funds through online distribution requests, or by using the convenient HG Advantage Card. Distributions can be sent to employees by direct deposit or check. Each employee will receive a Card that they can use for easy payment of qualified medical expenses at the point of service. Funds are transferred immediately from the HSA at the point-of-service.
  • Employee information at their fingertips – Employees can review their account details, request distributions, submit post-tax contributions from a personal bank account, view statements and tax documents, and allocate funds into an array of investment options using convenient online portals and our mobile app available 24/7.
  • World-class custodian – HealthcareBank offers an HSA solution that seamlessly integrates HSAs with banking and investment services. There are no additional accounts to open and your employees’ funds move automatically to and from the investment account, according to designated “sweep” threshold.
  • Comprehensive reporting – Monthly or custom reports are generated automatically with email alerts directing employees to secure portals for viewing – creating a virtually paperless administration process.
  • Compliance and Security – Our 1Cloud platform meets or exceeds all of the security standards of the health care and financial services industries. 1Cloud is SSAE 16 and PCI compliant and the platform has been tested to scale to meet all volume demands.

WANT TO LEARN MORE?

The Harrison Group, Inc.

3 Raymond Drive, Suite 201, Havertown, PA 19083
Call us: (610) 853-9075
Toll-Free: 855-222-5727
Fax: 610-853-9079
Email: service@theharrisongrouponline.com

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