Health Savings Account (HSA)
Program Implementation
Implement a Successful Program
• Set Goals and Establish Program
Design
• Educate Employees
• Facilitate Enrollments and
Contributions
• Provide Ongoing Resources and
Encourage Participation
Set HSA Goals
Determine what your company wishes to achieve.
• Premium savings
• Savings on payroll taxes with pre-tax contributions
• Employee recruitment with high-quality benefits
• Improved employee health
•
Reduced health insurance claims
•
Reduced sick time
•
Improved employee morale
Establish HSA Program Design
• Make program attractive and increase
enrollment potential with:
– Initial employer funding
– Pre-tax payroll deductions
– Premium cost sharing between
employer and employee
– Matching contributions with a Section 125
Cafeteria Plan
– Incentivize healthy living, like the completion of a
health risk assessment, with HSA contributions.
Utilize the Employer
Communication Kit
• Utilize the Employer Communication Kit:
– Review relationship and employer instructions and
program design tips
– Provide Pre-enrollment employee materials
• As indicated in the communication calendar
– Forward enrollment instructions to employees
– Offer continuing education materials to employees
throughout the year
• Refer to the communication calendar for timeline
Educate Employees
Communicate Key Messages
–
–
–
How an HSA works
Benefits of an HSA
Health plan terms
•
•
•
•
–
Deductible
Out of pocket
Co-insurance
Eligible Medical Expense
Contribution terms
•
•
•
Pre-tax
Tax-deductible
Tax-deferred
Explain How an HSA Works
Part 1
Health Savings
Account (HSA)
Use to pay qualified out-ofpocket expenses not covered
by the health plan, such as
services applied to the
deductible, dental and vision
costs.
Part 2
HSA-Compatible
Health Plan
Intended to cover medical
expenses after the deductible
is met. After your maximum
out-of-pocket is reached, all
eligible expenses are covered
at 100%.
HSA
Concept
Convey Employee Advantages
• Funds roll over from year to year
– Differs From typical Flexible Spending Accounts (FSAs) and Health
Reimbursement Accounts (HRAs)
• Triple tax benefit - Account contributions, earnings and qualified
distributions are all tax-exempt
• Portability
– Tax-free withdrawals for Qualified Medical Expenses even if qualifying
coverage ends
– Potential to use like an IRA for an added retirement benefit
• Long-term investment opportunities
(Not FDIC insured)
• Control over healthcare dollars
Provide Learning Opportunities
• Schedule employee meetings
– View HSA Bank’s pre-enrollment presentation
– Email, post or provide employee information as outlined in the
Communication Calendar
– Allow your employees’ spouses to attend
• Direct employees to savings and decision tools
– http://www.hsabank.com/HSABank/Accountholders/Calculator.aspx
• Communicate employer contribution amount
• Identify premium savings, company portion
Dispel HSA Myths
• HSAs are for the healthy and wealthy.
– Traditional plans do not typically limit out-of-pocket expenses while
HSA-compatible plans generally cover expenses at 100% after the
maximum and provide certain preventive care services before the
deductible is met.
• HSAs only shift costs from employers to employees.
– HSA plans may allow employers to offer healthcare coverage that
might otherwise be too expensive.
– Employees typically save on premiums.
– Employer contributions provide funds for employees to use or save for
the future.
– HSAs have a triple tax benefit for added employee savings.
Facilitate Enrollments and
Contributions
Forward Enrollment Materials
•
Email your custom Group Online Enrollment (GOE) link and enrollment
instructions to your employees.
– Your custom link is located in the enrollment section of the Employer
Administration Area.
– The Employer Communication Kit can be downloaded from the Resources
section of the Employer Administration Area.
Monitor Enrollments
• If you chose Post Approval enrollment, you will need to log in to the Employer
Administration Area and approve applications before they can be processed.
Refer to your Employer Manual for details.
• If you chose Pre-Approval, you will need to upload an employee census file
prior to the enrollment period. Census file templates are available on HSA
Bank’s Employer Administration Area.
Contribute
– Set up a pre-tax Section 125 Cafeteria Plan
• Communicate matching employer contributions
• Forward the salary deduction form to employees
– Sign up for Group Online Contributions
(GOC) (separate sign-up form required) or
– Work with Business Relations to set up
electronic employer contributions.
Provide Ongoing Resources and
Encourage Participation
Highlight Support & Resources
• Communicate Resources Provided by HSA
Bank
– Tax documents
– Ongoing educational resources
• Found in Employer Communication Kit
– www.hsabank.com
• HSA Education, FAQs
– Around the clock account access
• Internet Banking, Bankline
– Exceptional customer service
• Toll-free (800) 357-6246 M – F, 7 a.m. – 9 p.m., CT
• Email – askus@hsabank.com
• Secure website contact form
https://secure.hsabank.com/contactus/contactus.aspx
Implement Wellness Program
• Wellness programs typically improve
employee health and reduce claims.
– Consider HSA Contribution incentives for:
•
•
•
•
Health risk assessments
Documented exercise
Smoking cessation program completion
Weight management program participation
Review Your Program Annually
• Review HSA Bank materials to
determine if changes could enhance
your program
• Repeat employee education for new
enrollees as well as those continuing
in the program
Thank You
Thank you for entrusting HSA Bank with your HSA
Administration.
We are dedicated to helping you achieve
your HSA program goals.
Please contact our dedicated Business
Relations Coordinators if you have
questions or need assistance.
(866) 357-5232,
M-F, 7 a.m. – 7 p.m., CT
businessrelations@hsabank.com