HSA (Health Savings Account)
HSAs are a great way for employers and employees to control cost while still providing a rich benefit package. HSAs also have their tax benefits:
- Contributions reduce taxable income.
- Account earnings are tax free and distributions for HSA qualified expenses aren’t taxed.
Our AnyBank option offers your employees what they truly want, flexibility. It also gets employers out of the account business and back into strictly benefits.
AnyBank is exactly what is says, any bank. We can administer HSA Account contributions to multiple banks. Even if each of your employees utilized a separate bank, we easily manage all the accounts, without any additional fees.
Why everyone loves HSA@AnyBank
- Consumer Driven Healthcare should really be consumer driven. Let you employees choose the bank they want for their HSA Account.
- More than 20 million people already have an HSA Account. Let them fund their current account. All BASIC needs is the account and routing numbers.
- Employee satisfaction increases when given choices. Let them pick the bank that best meets their needs. This may be there local bank, the bank that offers the app or online features they want or one that has extensive investment options.
Additional Benefits of BASIC HSA@AnyBank
- BASIC can help facilitate the opening of HSA Accounts for those first time users or those that don’t want a specific bank.
- BASIC has strategic partnerships with several banks that offer no monthly fees.
- No need to disrupt HSA Accounts or contributions in the event you change carriers.
5 reasons BASIC brings more value.
- Benefit and compliance expertise. BASIC’s core business is third party administration and compliance. Banks are account holders often lacking the knowledge of regulations to advise employers or employees.
- Consulting. BASIC’s consulting and guidance is available to safeguard your plan’s compliance in conjunction with Limited Purpose FSA, Dependent Care, HRA, Parking and/or Transit.
- Payroll Contributions – Plus. The employer’s role is simplified to depositing contributions, which BASIC does for you. We also ensure contributions do not exceed annual contribution limits set each year.
- Flexibility. Employer or employee contributions can be changed or stopped at any time.
- Customer Service. BASIC can assist employees turning 65 on how Medicare affects HSA eligibility as well as what purchases or services are HSA eligible. Employers have a dedicated Account Manager.
Use the same Benefits Debit Card for HSA as your limited purpose FSA, parking, and transit.
Learn more in BASIC HSA@AnyBank brochure (pdf) or contact a representative today!