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QUESTION: If your organization has a health savings account plan, would you be willing to share your plan design? Employees can open an HSA account at the bank of their choice and then have money from their paycheck direct deposited into each on each pay day. *** Employees who elect the High-Deductible Health Plan we offer may choose to open an individual health savings account plan which can be used to pay the deductible ($5,000 Individual/$10,000 Family), or save for future health care costs. HSA contributions are tax-free. Maximum contribution for Individual is $3,400, and $6,750 for family. There are no carry-over limits. Any monies not used will roll over to the next year. If an employee leaves our organization or changes health plans, the HSA is portable. *** Our employees can defer from payroll. We integrate wellness activities throughout the year for the team and participation in that earns employer contribution. The company we use has an option for employers that waives all administrative fees. The HSA also allows all employees the option of participation, and employees can carry over their balance year to year. These are all the reasons we adopted the HSA and discontinued our FSA. *** We have a Health Savings Account plan associated with our High Deductible Health Plan. We provide a dollar for dollar employer match up to $250 for the year. We also provide educational materials and benefit information for staff to help them make informeddecisions about their healthcare choices, centered around the HSA plan. This information is a compilation of suggestions, ideas, and opinions shared by INARF Members in response to the featured question. This information should not be considered official interpretation or guidance of State or Federal Policy. Additionally, statements within this document do not necessarily reflect an official position or opinion of INARF.
Employees can open an HSA account at the bank of their choice and then have money from their paycheck direct deposited into each on each pay day.
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Employees who elect the High-Deductible Health Plan we offer may choose to open an individual health savings account plan which can be used to pay the deductible ($5,000 Individual/$10,000 Family), or save for future health care costs. HSA contributions are tax-free. Maximum contribution for Individual is $3,400, and $6,750 for family. There are no carry-over limits. Any monies not used will roll over to the next year. If an employee leaves our organization or changes health plans, the HSA is portable.
Our employees can defer from payroll. We integrate wellness activities throughout the year for the team and participation in that earns employer contribution. The company we use has an option for employers that waives all administrative fees. The HSA also allows all employees the option of participation, and employees can carry over their balance year to year. These are all the reasons we adopted the HSA and discontinued our FSA.
We have a Health Savings Account plan associated with our High Deductible Health Plan. We provide a dollar for dollar employer match up to $250 for the year. We also provide educational materials and benefit information for staff to help them make informeddecisions about their healthcare choices, centered around the HSA plan.