HSA BANK - Commuter (Mass Transit, Parking)
Commuter Benefits enable employees to pay for certain workplace mass transit and parking expenses on a tax-free basis through payroll deductions up to the limits set by the IRS. Employees set aside funds on a tax-free basis to pay for eligible workplace mass transit expenses, such as the price of tickets, vouchers, and passes to ride a subway, train, city bus, or vanpool. Commuter Benefits are not tied to a benefit year, so the funds remain in the employee’s account until exhausted. Election changes are not limited by a plan year and can be updated or stopped as employees' needs change.
Plan Design Options for Commuter Benefits
• Mass Transit Account – Expenses for a bus, train, subway, or vanpool if the transportation is in connection with travel between an employee’s home and employer, up to the monthly IRS limit.
• Parking Account – Expenses for eligible workspace parking expenses, parking costs at or near their primary work location, or parking costs at the place to access transportation to work, such as a train station or vanpool stop, up to the monthly IRS limit.
COMPLETE THE REQUIRED HSA BANK DISCOVERY FORM to begin!
Once you enable HSA Bank for your client in the Employee Navigator Marketplace, simply complete the *REQUIRED HSA Bank Discovery Form*. Once the setup is complete, HSA Bank will contact your client with important information about their program.
Please use the links in the right margin of this tile to visit our website or email PartnerSupport@hsabank.com to learn more about HSA Bank.
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