DBS makes HSAs easy to understand and use.
Health Savings Accounts (HSAs) are individually owned, tax exempt trust accounts that employees and employers can contribute money into that can be used to pay for future qualified health care expenses. An employee can become an account holder and may contribute to an HSA as long as they have a qualified High Deductible Health Plan (HDHP) and there is no other form of first dollar medical coverage. Contributions to the HSA can be made pre-tax through a Section 125 Cafeteria Plan which can save participants approximately 30% in taxes on everyday health care expenses. HSAs are easy to use and qualified health, dental and vision expenses can be paid by using a debit card or check. In addition to tax savings, HSAs allow for the carryover of unused monies. Participants own the money in the account even if their health coverage changes.Request a quote now!
Why outsource HSA administration to DBS?
DBS provides a comprehensive HSA service package for clients and participants. Driven by leading technology, clear communication and exceptional customer service, DBS helps ease the transition from traditional health plans to consumer-driven health plans with HSAs. DBS works with clients and brokers to design, communicate, implement and manage a successful HSA program. DBS can also integrate the client HSA with other account-based plans such as LPFSAs, PDFSAs or PDHRAs.
What does a DBS comprehensive HSA Administration Package include?
- HSA review and plan design meeting
- Preparation of legal documents
- Provide for pre-tax HSA contributions within FSA Cafeteria Plan Document
- Establish Limited Purpose FSA (LPFSA)
- Establish Post-deductible HRA (PDHRA)
- Trustee options available for the employer including DBS provided debit cards or employee choice of trustee
- Employee group meetings/webinars
- Communication and enrollment materials
- Posting and tracking of participant and client contributions
- Secure download of payroll data from client
- Dedicated Claims Specialist assigned
- Knowledgeable and professional customer service team
- Client online access to view contributions, transactions and balances
- Online tool for viewing & commenting on withdrawals and categorizing the expenses as qualified or non-qualified
- Year-end participant contribution and expense report available to assist in completing tax returns