BASIC is excited to announce a new option for our HSA Administration, HSA@AnyBank! When we say Any Bank we mean any bank. If an employer has 50 employees, they can EACH choose a different bank for their HSA Account. This could be a bank or financial institution where they already have an existing HSA Account, their local bank or one that offers the specific features they desire.
Now you are asking, “What if the employee doesn’t have an HSA Account and doesn’t want to pick their own bank?” No problem. BASIC has strategic partnerships with several banks to help facilitate the opening of accounts. Some of our partner banks even offer no monthly fees! One bank also offers functionality to bring in medical claim information from many carriers, which may include the spouse’s carriers to cover all the health plans for a couple or family.
BASIC brings a level of expertise to HSA administration that cannot be beaten. We’ve been in the HSA business since 2004, the year that HSAs came into existence. Lots of banks and insurance carriers offer HSAs but BASIC provides full compliance assurance and top notch customer service.
- We monitor the contribution amounts of employees and employers in order to ensure that they do not exceed annual contribution limits.
- We also take on the responsibility of facilitating those payroll contributions made by the employee and/or employer.
- We advise employees on their eligibility as well as what purchases or services are HSA eligible.
- We are able to advise employees turning 65 on how Medicare affects HSA eligibility.
- We are also able to administer our HSA with other plans such as Limited Purpose Medical FSA, Dependent Care, HRA, Parking and/or Transit, as well as transitioning from General Purpose Medical FSA to HSA.
Our consulting and guidance are available in order to align HSA administration with regulation. With BASIC’s strong security provisions and measures, we also offer the highest possible protection against fraud utilizing FDIC-insured financial institutions.
To learn more about BASIC’s HSA services, click here!
To request a proposal on BASIC’s HSA administration, click here!