Why provide a Health Savings Account?
A Health Savings Account (HSA) is an attractive benefit option increasingly expected by employees. It allows employees to pay for qualified out-of-pocket medical expensesFootnote Disclosure 1 tax free. The account is simple to use with an HSA debit card and is funded by the employer and/or employee. Funds can accumulate from year to year, and savings accrue interest, allowing participants to save for future expenses. The account must be linked to a qualified high-deductible health plan (HDHP), saving money for both you and your employee.
- Employer contributions are tax free
- Employee contributions through payroll deduction reduce employer taxes
- Reduced health plan premium costs
- Employees control spending, likely resulting in reduced utilization costs
The following services are offered through SHDR, a division of McGriff Insurance Services:
- Plan design and account setup
- Electronic enrollment and payroll deduction
- Benefits communication, including participant video
- Reimbursement administration
- Online account management
Note: Maximum annual contribution limits apply.
- Contributions are tax free
- Withdrawals for eligible health care costs are tax free
- Year-end balance rolls over, and savings accrue 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
Note: Maximum annual contribution limits apply.
An HSA must be linked to an IRS-qualified HDHP, which, for 2018, includes these features:
- Deductible of at least $1,350 for individual coverage or $2,700 for family coverage Disclosure 2 Disclosure 2
- Annual out-of-pocket expenses (including deductibles and copays) not exceeding $6,650 for individuals ($6,750 in 2019) or $13,300 for families ($13,500 in 2019) Disclosure 2 Footnotedd
The mutual funds investment sweep option is available when an account balance reaches $2,000.
The 2018 contribution limits are as follows:
- For single coverage, annual contribution limit of $3,450 Disclosure 2 Footnote
- For family coverage, annual contribution limit of $6,900 Disclosure 2 Footnote
The 2019 contribution limits are as follows:
Online account access
Plan sponsors and participants have 24/7 access to account information and educational material online.
- Employer access
- Enroll new participants
- Update employee addresses and other personal information
- View consolidated accounts
- Generate reports
- Find answers to common employee questions
- Employee 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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Qualified medical expenses are defined by the IRS, and may change periodically.
These figures are adjusted annually for inflation.
The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.
Past performance of mutual funds, annuities and other investments does not guarantee future results. An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund's prospectus. To obtain a prospectus, please go to SterlingCapitalFunds.com(opens in a new tab). Please read the prospectus carefully before investing.
Investment and Insurance Products:
• Are not FDIC or any other Government Agency Insured • Are Not Bank Guaranteed • May Lose Value
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