Can Employees Take Advantage of Your Company HSA Plan?
HSAs are playing a major role in changing the way all of our
healthcare dollars are managed and spent. HSAs are cost effective
and flexible tools for controlling healthcare related expenses.
Having an HSA requires you to take a different approach with
your employees than the traditional plans you’re used to.
Make Sure Your Employees Can Take Advantage of Their HSAs
Introducing a HSA Plan to your employees will require you to
provide a new set of key services to help them capitalize on
the plan’s full potential. To keep your employees properly
informed, you should provide:
- New account welcome kits detailing program highlights
- Deposit
confirmation notices
- Regular account balance statements
Unlike their MSA predecessors (which were only for the self-employed
and small business owners) HSA Accounts are available to just
about anyone despite employment status and to any employer without
regard to size.
Know the Limits to HSA Enrollment
Health Savings Accounts can only be established for employees
who are:
- Currently covered by a High Deductible Health Plan.
The definition of a HDHP for use with an HSA is: a plan with
an annual deductible of at least $1,000.00/$2,000.00 (for individuals/families)
and annual out-of-pocket maximums of $5,000.00/$10,000.00 for
the same
- Not currently covered by any other health insurance
plan
- Cannot be claimed as a dependent on anyone’s tax
return
- Not yet entitled to receive Medicare benefits
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