HSA Resource Center


Employer Overview

Welcome to the Employer Resource Center. You can find everything you need here to understand, establish and maintain Health Savings Accounts. Before we dive into an overview of HSAs (below), we want to point out this Center’s key features for employers:

  • Education - a variety of materials to help you better understand HSAs; including: education materials, a proposal detailing our services, FAQs, and articles.

  • Administration - details the administration services we provide to service your employees' HSAs.

  • Forms and Tools - direct access to our extensive list of tools and forms; both for initial set-up as well as ongoing administration.

  • Employee Resource Center - a place for employees to conduct HSA business such as: changing beneficiaries, requesting withdrawals, looking up account balances, or conducting other HSA business.

What is an HSA?

Health Savings Accounts are savings accounts that allow individuals to pay for qualified out-of-pocket medical expenses using pre-tax dollars. Unlike more traditional health care accounts, the funds in an HSA belong to the individual, not the employer or the insurance company, and travel with the individual. In order to take advantage of this tax deferred savings new benefit, individuals must purchase a specific type of health insurance coverage called a High Deductible Health Plan (HDHP).

High Deductible Health Plan   +   Health Savings Account

What is an HDHP?

An HDHP is a different type of health plan. Under an HDHP individuals are covered for large expenses and pay for their day-to-day expenses, usually up to the amount of the deductible. In order to meet the requirements an HDHP must have a deductible of at least $1,350 (2019) and $1,400 (2020) for individuals or $2,700 (2019) and $2,800 (2020) for families plus certain total out-of-pocket expense maximums.

How do employers benefit?

By moving to a high deductible health care plan, employers and employees will become more involved in their healthcare decision making. Employers also stand to save money as the premiums on high deductible plans are often much lower than more traditional health plans. Click here to see an example. Additionally, properly structured HSA contributions are considered employer provided health coverage and excludable from your corporate gross income, not subject to withholding and other employment taxes.

How do employees benefit?

HSAs are analogous to medical IRAs, providing employees with an account from which they can control their medical expenses. They provide the following advantages:

  • Pre-tax dollars can be used to pay for qualified medical expenses
  • You are in control of more of your health care decisions
  • Funds left in an HSA can grow, tax deferred
  • Your account stays with you even if you change employers
  • After age 65 you can withdraw your funds and they are only taxed as ordinary income