The BASIC HSA

What is the BASIC HSA™?

What makes the BASIC HSA so Powerful?

Employer Benefits

• Plan Design and Consultation: We will help you set up an HSA appropriate for you and your employees.
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  Premium Reduction: Switching to an HSA qualified High Deductible Health Plan can greatly reduce your insurance premiums.
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  More Benefit Dollars to Employees: If the account is employer funded, insurance dollars can be delivered to the employee directly.
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  Involved Employees: HSAs are consumer driven and allow your employees to become more involved in and responsible for their health-care.
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  Tax Savings: Contributions can be made by the employer to the employees' HSA .
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  Security: The HSA Audit Protection Kit™ is available to employees to make tax reporting accurate and easy*.
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  Training and Support: BASIC provides the employer with an instruction kit and offers toll-free support. We also offer employee education and guidelines; we provide continual support to your employees.

Employee Benefits

• Future Savings: The BASIC HSA™ encourages savings for future medical expenses.
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  Individually Owned: The employee decides:
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  How much to contribute
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  How much to use for medical expenses
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  Which medical expenses to pay from the account
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  Whether to use the money in the account or save for future use
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  Which company will hold the account
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  Portability: Accounts are completely portable regardless of employment status, which state the individual moves to, age or marital status changes, or future medical coverage.
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  No 'Use it or Lose it' Rules: Unspent balances in an HSA remain in the account until spent on medical care. The accounts rollover year after year.
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  Tax Savings: All employee contributions made to the HSA can be made with pre-tax dollars**.
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  Security: HSA Audit Protection Kit™ available through BASIC. This makes your tax reporting easy to do*.
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  Training and Support: We provide continual education, toll-free support, and on-line banking for employees.
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  *Available through BASIC for an annual fee of $60 per kit.
  **Contributions may be pre-tax if employer has a premium only plan in place.

What does the BASIC HSA™ Include?

• Plan Design and Consultation
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  Employer Instruction Kit
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  Trust Agreements
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  Electronic Set-up
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  Employee Education and Guidelines

What does BASIC HSAs™ Monthly Fee Include?

• Monthly Administration
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  Debit Card
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  Toll-Free Support
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  On-line Banking
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  Accounting
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  Adds and Deletes
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  *HSA Audit Protection Kit

-IRS Deductible Certification Mailed Back
-Audit Guarantee
-Electronic Archive of All Receipts
-IRS Folder for Claims
-Postage Paid Envelope for Receipt Mailing

*Available through BASIC for an annual fee of $60
 

How much does a BASIC HSA™ cost?

 BASIC HSA Third Party Administration in conjunction with Fifth/Third Bank

THREE PRICING OPTIONS:

Option 1: No set up fee
$3.35 per month or $40.00 annually per participant with no set up fee (1 person group or individuals must pay annually)

Option 2: Lower monthly administration
$2.25 per month or $27 annually per participant with a set up fee of $25 per participant (1 person group or individuals must pay annually)

Option 3: Roll over
$2.25 per month or $27 annually per participant with no set up fee (account must be a roll over from an existing HSA account at another bank)

HSA Audit Protection Kit can be purchased for an annual fee of $60 per kit.

Onsite employee education and enrollment meetings are available.*

*additional fees apply

What tax forms will I receive with my HSA?

You will be receiving two annual tax forms from Fifth Third Bank on an annual basis. The 1099-SA will provide you with a summary of the distributions (withdrawals) out of your HSA and the 5498-HS will provide you with a summary of the contributions (deposits) that you have made into your HSA.

You will need to complete Form 8889-SA when you do taxes. This form can be obtained from the IRS website (www.IRS.gov ) or from your tax consultant.