Employee Health Savings Accounts
Employee-owned and customer-inspired, our approach to finding solutions is more individual and less institutional.
Employee-owned and customer-inspired, our approach to finding solutions is more individual and less institutional.
Whatever your employee benefit priorities may be, you’ll find that our prices are competitive, our fees are clear and our deep industry relationships allow us to go above and beyond while delivering year-round value. So, you can worry less and accomplish more.
Our authentic and transparent approach to employee benefits packages is designed to put you and your people at the center of the process.
Higginbotham’s team of seasoned HSA specialists take the time to get to know your unique needs so we present options that make sense for your situation.
And we don’t stop there.
Once you’ve decided on a plan, we empower you with resources to educate your employees on their benefits and ease the transition.
Caring for your business starts with caring for your people. At Higginbotham, we care for both.
A great business can’t exist without great employees and the relationships they have with your customers. With the health of your business and your employees in mind, we get to work.
Because when you take care of your people, so much follows.
Unlike their flexible FSA account counterparts, HSA accounts can be rigid by comparison.
Only members of a high-deductible health plan are eligible for a health savings account .
In addition to limiting membership to employees on high-deductible health plans, HSA eligibility also hinges on the HDHP being the only health care plan carried by the employee.
Medicare recipients and claimed dependents on another disqualifying policy are also not eligible.
If you qualify for a health savings account, it functions like a flexible spending account. HSA account funds can be accessed using either a special health savings debit card or through employee reimbursement after filing a claim.
However, unlike an FSA account, unused money at the end of an HSA account plan year can typically be rolled over into the next plan year.
Another key difference between HSAs and FSAs involves the eligibility of self-employed workers. While an employer must set up a flexible spending account, a health savings account can be set up by any individual that is enrolled in a qualifying high deductible health plan.
Another difference between these two medical savings accounts is that HSAs have slightly higher contribution limits. While FSAs cap contributions at $2,750 for individuals and families, HSAs allow for contributions up to $3,600 and $7,200 respectively.
If you decide to offer HSAs in your employee benefits package, your team may have questions. Here’s a primer to help you give them the information they need.
An HSA functions like a checking account, providing an account holder with a special debit card that can be used to access funds at point-of-sale using a PIN or signature for verification.
In most cases, qualifying out-of-pocket medical expenses incurred by HSA account holders are eligible for reimbursement if they didn’t use their card to pay at the point-of-sale.
Health savings account funds can be used to pay for qualifying medical, dental and vision expenses for the account holder, spouse and dependents. HSA funds can also be used to cover deductibles and copays.
If you’re an employer thinking about offering a health savings account, health insurance or another plan to help your employees pay for medical expenses, we’re here to help.