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.
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 $1,600 for single individuals and $3,200 for participants with one or more covered dependents for 2024.
- The limit that you can contribute to an HSA for 2024 is $4,150 for single individuals and $8,300 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.
Click HERE to go to My HSA Planner —
an interactive tool where you can enter your information for personalized results based on your HSA spending and saving.
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.