Health Savings Account

Request a Consultation

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

Log on to CarePlus

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

You May Also Be Interested In

Get Assistance

By Phone

Call us at 800-866-2288,

weekdays from 8:30 am to 5:30 pm ET.

Flexible Benefit Plans

Contact Us

Locations