News
HFS Offers HSA Administration
June 27, 2006
HSA ADMINISTRATION
Partnering with Sandy Spring Bank, we can provide a simple implementation and ensure that all aspects of your benefits program meet IRS requirements. You only need to provide a Qualified High Deductible Health Plan (HDHP) as an option for your employees, and HFS will take care of the rest including:
- Employee Communication and Applications
- Employer Direct Deposit of HSA contributions through pre-tax payroll deductions
- Amendment of your Plan Documents to allow for pre-tax HSA contributions
- HSA Employee Contribution Salary Reduction Agreement
- Limited FSA Administration for HSA Participants
Once the HSA has been implemented, your employees have the following available to them:
- Interest Bearing Checking Account
- Free Debit Card
- Free Online Banking
- Investment Options - Coming Soon
Best of all, there is no monthly administration fee with ACH Direct Deposit or when a $2,000 minimum daily balance is maintained.
Our HSA is compatible with any health carrier. If you ever need to change to a new carrier, there will be no need to change your HSA solution.