Health Savings Account

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A health savings account (HSA) allows employees to pay for eligible medical expenses tax free. The account is funded by the employer and/or employee. Funds can accumulate and savings accrues interest. Account must be linked to a qualified high-deductible health plan (HDHP).

  • Funding options for employer and employee
  • Balance rolls over from year to year and account is portable
  • Simple for employees to use, including HSA debit card

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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.

An HSA allows employees to pay for qualified out-of-pocket health care expenses1 tax free. Because year-end balances roll over and accrue interest, the account also allows participants to save for future expenses. When the balance reaches a designated total, participants may invest excess funds in qualified mutual funds.

  • Contributions are tax free
  • Withdrawals for eligible health care costs are tax free
  • Year-end balance rolls over and savings accrues interest tax free
  • Excess balance can be easily invested using an investment sweep subaccount
  • Benefit Access Visa® Debit Card allows easy access to funds
  • Account is portable if employee changes jobs or retires
  • Online account management

Because an HSA must be linked to an HDHP, employees who contribute to their health care premiums will pay a reduced cost for their benefits.

Note: Maximum annual contribution limits apply.

An HSA must be linked to an IRS-qualified HDHP, which generally includes these features:

  • Deductible of at least $1,300 for individual coverage or $2,600 for family coverage.2
  • Annual out-of-pocket expenses (including deductibles and copays) not exceeding $6,450 for individuals or $12,900 for families.2

The mutual funds investment sweep option is available when an account balance reaches $3,000.2

Contribution Limits

The 2015 contribution limits are as follows:

  • For single coverage, annual contribution limit of $3,350
  • For family coverage, annual contribution limit of $6,650

Plans sponsors and participants have 24/7 access to account information and educational material online.

Sponsor Access

  • Enroll new participants
  • Update employee addresses and other personal information
  • View consolidated accounts
  • Generate reports
  • Find answers to common employee questions

Participant Access

  • Check balance and personal information
  • Pay medical expenses online
  • Review lists of eligible expenses
  • Use tools and calculators
  • Get answers to common questions

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