Benefit Resource HSA Program Design Support
Benefit Resource provides the following services as part of our administration of your Health Savings Account program.
HSA Program Installation
Program Design
A Health Savings Account provides many tax and savings advantages for both employees and employers, but these benefits can only be realized with understanding and participation. Benefit Resource will help you design and implement an easy-to-understand HSA program that encourages participation.
Integration with a Limited Medical FSA or HRA
Benefit Resource is your single source for all your FSA, HRA and HSA needs. We will help you identify your employees' needs and ensure you have all the tax-benefit plans to meet those needs.
Tax-free HSA Contributions through your Section 125 Plan
Benefit Resource will ensure that your Section 125 Plan with us will be compliant with IRS regulations.
Customized Program Comparison
We will work with you to create a customized program comparison that allows you to show employees how the HSA-compatible program compares to another health plan option you might be offering. This comparison provides spending scenarios to help your employees understand how the plan might work for them.
Initial Plan Enrollment Support
Trained representatives will conduct group and/or one-on-one employee meetings to coordinate and explain the program's implementation. Advance announcement pieces and enrollment materials will be provided.
Ongoing HSA Program Support
Beniversal Card for HSA
The Beniversal Card is an easy way for particpants to access HSA funds at the point-of-sale to pay for eligible medical expenses. Since the IRS does not require HSA expenses to be verified for eligibility by Benefit Resource, followup is never required.
HSA Bill Payment
Using an HSA just got easier. When a participant receives a bill from a provider, they can easily facilitate payment online. Participants simply log into their account, enter some basic information regarding the payee and initiate payment. These payees are stored in the system for future payments.
HSA Expense Reimbursement
When expenses are not paid using the card or bill payment, a reimbursement request can be completed and funds can be deposited via direct deposit to a personal bank account.
Employer Report(s)
Benefit Resource provides a monthly aggregate report for participants' HSA activity. Reports are available by email or through the employer HSA administration website. Note: Since HSAs are individually owned by the participants, Benefit Resource is prohibited by privacy laws from providing detailed account information.
HSA Statements and Tax Reporting
In conjunction with Benefit Resource's custodial partner, participants will receive monthly electronic statements regarding account activity, along with an annual year-end report and tax reporting documents.
Secure Custodial Services
Benefit Resource has developed an integrated partnership with Bancorp Bank to provide you with the best in administration and banking services. Funds are deposited into an FDIC insured bank account. As balances grow, participants are able to invest funds in a selection of mutual funds for a potentially greater return. Mutual funds are not FDIC insured and may lose value.
Website Support
Benefit Resource provides employers and participants with access to the HSA program and accounts 24 hours, 365 days a year. The secure website provides forms, educational resources, detailed program and account information and much more at the click of a mouse.
Email Reminders
We understand you are busy and your HSA program is not always your top priority. We provide convenient email reminders to you and your participants to make managing your HSA program even easier.