Supporting Your Employee HSAs Across Multiple Banks

With the growth of Health Savings Accounts (HSAs) it is quite common for employees to already have HSA accounts in place prior to their current employer offering HSA. Rather than requiring your employees to move their HSA to your bank of choice, you can use BASIC to administer HSA contributions to your employees’ already existing HSA accounts at any bank. By doing this, your employees won’t have to hassle with moving their accounts and they will most likely avoid paying an account closing fee to their current HSA bank, typically ranging from $20 – $75. Also, employees without an HSA can open an account at the bank of their choosing, allowing them to leverage their banking relationship to reduce or eliminate HSA account fees. In addition to processing contributions, BASIC will also provide overall service of your HSA benefit and answer all of your HSA questions about compliance and regulations.

At BASIC, our goal is to inform you about the many options available today in regards to consumer driven health care. Health Savings Accounts (HSAs) are becoming a solution for many employers. Our benefit consultants will help you make an informed decision about plan design and what will be the best fit for your company.

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