The following provides an overview of our HSA program:
- Proven multi-account coordination – Benefit Extras one-stop solution provides the ability to coordinate a HSA with custodial banking services alongside limited-purpose FSA and HRA plans on a single platform. Traditional bank HSA debit cards cannot support multiple products.
- Easy online enrollment – creates a HSA account using a convenient, paperless process, with no minimum balance required, along with direct deposit and investment accounts
- Flexible contributions – You can choose the best method for making contributions to employees’ accounts using file imports or recurring contribution schedules that you manage in your own web portal.
- Convenient funds access – Employees can access their funds through online distribution requests, or by using the convenient Benny® benefits debit card. Distributions can be sent to employees by direct deposit or check (check fees will apply). Each employee will get a debit card that they can use for easy payment of qualified medical expenses at the point of service. Funds are transferred immediately from the HSA at the point-of-service.
- Employee information at their fingertips – Employees can review their account details, request distributions, submit post-tax contributions from personal bank account, view statements and tax documents, and allocate funds into an array of investment options using convenient online portals available 24/7.
- World-class custodian partner – HealthcareBank is one of the very few banks nationwide to offer a HSA solution that seamlessly integrates HSAs with banking and investment services. There are no additional accounts to open and your employees’ funds move automatically to and from the investment account, according to designated “sweep” thresholds.
- Comprehensive reporting – Monthly reports are generated automatically with email alerts directing employees to secure portals for viewing—creating a virtually paperless administration process.
- Compliance and Security – Our Lighthouse1 platform meets or exceeds all of the security standards of the health care and financial services industries. Lighthouse1 is SSAE 16 and PCI compliant and the platform has been tested to scale to meet all volume demands.