Health Savings Accounts

As healthcare costs continue to soar, finding ways to offer affordable health benefits to your employees is a persistent challenge. Now you can leave employees with more spending money per paycheck while they save money on their out-of-pocket healthcare expenses with a Health Savings Account (HSA) solution from Stanley Benefits.

HSAs are designed to help your employees take more control and ownership of their healthcare. With a Stanley Benefits HSA employees can save money tax-free to pay for any qualified medical expense. HSAs are individual savings accounts paired with a high deductible health plan (HDHP) that can play a valuable role in the financial wellness of your employees.

How HSAs Work

HSA eligibility is based on being enrolled in an HSA qualified high deductible plan. The term “HSA qualified” high deductible plan refers to health insurance policies with deductibles higher than traditional polices and generally have lower premiums, higher deductibles and higher out-of-pocket spending limits. Our Stanley Benefits Consultants will ensure your plan meets all qualifying requirements to maximize employer/employee benefits of our HSA partnership.

The HSA is funded by pre-tax contributions by the employee with annual contribution limits being established by the IRS. Employers and other third parties also can contribute to the account. The employee determines the amount of money that is withheld each paycheck before payroll taxes are deducted. This gives employees more take-home pay, while you, their employer, pay less in FICA and FUTA payroll taxes. Plus, earnings and distributions for qualified medical expenses are not subject to taxation.

When an employee incurs a qualified medical expense, they can pay using the Stanley Benefits prepaid benefits card, online bill pay or other methods to access their funds. Unlike the health or limited scope Flexible Spending Accounts, there is no “use it or lose it” condition. Any unused funds remain in the account and continue to accrue interest until used. The Stanley Benefits HSA has an interest bearing cash account and an integrated investment account with more than 15 mutual fund investment options.

Our HSA Solution

Allows your employees to:

  • Store and view health care spending data in unique ways, to truly engage them in management of not only the HSA account, but awareness of what kind of health care expenses they are experiencing over time
  • Manage cash accounts with integrated investment options. Threshold sweep levels are completely configurable, as well as investment selections within the investment platform.
  • Choose secure, FDIC-insured deposits with HealthcareBank, a division of Bell State Bank & Trust, a $4 billion financial institution.
  • Convenient access to view real-time HSA cash and investment account balances, make HSA contributions, and request distributions through our mobile app and online consumer portal.

Also, our HSA solution will allow you, the sponsor of the HSA program, to:

  • Process enrollments and contributions efficiently
  • Receive insightful data regarding the utilization of the HSA accounts in your employee population through trends reporting
  • Work with 1 vendor for all of your medical spending and savings accounts solutions, section 125 cafeteria plan compliance, and ERISA compliance.

Our HSA staff has the following certifications:

Video Demo Links

Why should I get a Health Savings Account (HSA)

HSA Consumer Portal

HSA Investments

HSA Contributions and Distributions via Mobile App

1View Consumer Claim Sync

Portal

Resources

Frequently Asked Questions for Health Savings Accounts

Resources and Forms

HSA Goal Calculator (provided by our software partner WEX Health)

Actuaries. Consultants. Administrators.