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Employer Benefits of HSAs

Employer and Association Benefits of HSAs

Savings for Employers and Employees

Employers and Associations can reduce the amount they spend and slow the rising cost of health benefit plans. In some areas premiums for a High Deductible Health Plan (HDHP) are 30–60% less than a traditional HMO. Trends on an HMO are currently at 11–15% versus 5.4% for a HDHP. Unlike traditional health reimbursement accounts (HRAs), where only employers set aside funds for health care, employees may also contribute to their individual HSA. With HSAs, funding can come from employers, employees or both. The employer sponsored HSA account acts as a “medical retirement fund” for employees to be used to pay for medical as well as long term care services.

Improve Health Care Decisions

The HSA option puts more control and responsibility in the hands of employees. Since the funds in the account are theirs to keep, they make better choices about how to spend health care dollars. This is the first step in abating the escalating increases in health coverage costs. Employers benefit as well since cost-effective utilization translates into lower medical trend and lower medical insurance premium. The “skin in the game” financial incentive comes into play once the employees have funds in their HSA and roll them over year after year. They also have the opportunity to elect to invest those funds and see their money grow tax free.

Taking Care of Your Employees

Lifespring Health is a high touch service provider, meaning we go out of our way to take care of your employees. Our team of experts answers their questions thoroughly and professionally. We pay their claims quickly and alert them to possible problems with IRS related requirements.

Reduce Paperwork, Save Time & Money

There is no employer accounting liability with HSAs and no employer-reimbursement process, unlike the HRA. Since HSAs are not considered ERISA plans, no plan document is required. This reduces employer paperwork to document plans and activity, saving time and money.

Lifespring Health Solution

We are the one stop shop for HSA administration. We can work with any health plan or benefit design and customize the enrolment to reflect the maximum contributions allowed.

Reduce Premiums

Employers enjoy the advantages of reduced health insurance premiums immediately upon offering HSAs. In some areas, the savings can be as much as 30%–60%. Over time, cost-effective utilization will translate to reduced medical trend and future additional savings.

Reduce Taxes

Employee payroll contributions to HSAs can reduce worker's compensation base as well as social security tax (FICA), FUTA, etc. based on gross payroll reductions.