An HSA is an attractive benefit option increasingly expected by employees. You have the option to make tax-free contributions to employee accounts. Employee contributions to their own accounts through payroll deduction reduce your taxes.
- Employer contributions are tax free
- Employee contributions through payroll deduction reduce employer taxes
Because HSAs must be linked to a HDHP, employers who offer HSAs in combination with a health plan save on premium costs. Because HDHPs put spending control in the hands of employees, over time you may see reduced utilization costs.
- Reduced health plan premium costs
- Control over health care utilization costs
The following services are offered through SHDR, a division of BB&T:
- Plan design and account set-up
- Electronic enrollment and payroll deduction
- Benefits communication, including participant video
- Reimbursement administration
- Online account management
Note: Maximum annual contribution limits apply.