HSA BANK - Health Reimbursement Arrangements (HRA)
2023 OPEN ENROLLMENT
HSA Bank is accepting integrations for NEW clients for 1/1/2023. Integration will be available to EXISTING HSA Bank clients on 4/1/2023. Reach out to your EE Nav or HSA Bank Sales Rep to request integration.
Service Level for processing of NEW Client requests is 7-10 days from receipt.
Health Reimbursement Arrangements, or HRAs, are a way for employers to help offset their employees’ healthcare expenses, while gaining tax advantages. Employees are given money from their employer to spend on out-of-pocket medical expenses. All employer contributions to HRAs that meet with IRS rules are 100% tax deductible to the employer and tax-free to the employee.
When an employer augments a benefits package with an HRA, it sends a strong message to employees that their employer cares about their health and well-being, and it helps employers attract and retain staff. Benefits for employers and employees include:
• Control - Employers decide how much to contribute and what medical expenses the funds can be used for. Employees control how best to spend their healthcare dollars.
• Tax savings - Employer contributions are tax-deductible, lowering their payroll taxes. Funds are also tax-free to employees, so they don’t increase their income tax burden.
• Flexibility - Employers choose whether to allow funds to carry over each year. And the money stays with the organization when employees leave.
• Productivity - Healthy and happy employees are more engaged in their work and are better for the employer’s bottom line.
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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