Why SBA for HSA Plan Administration?
As providing healthcare benefits to employees becomes more complicated and expensive for your clients, High Deductible Health Plans, paired with Health Savings Accounts (HSAs), are an increasingly popular option. SBA’s comprehensive HSA platform provides all the tools and resources your clients and their employees need to make the most of this consumer-driven arrangement.
We offer easy enrollment and tools for participant accounts including:
- Debit cards customized to work only at locations offering eligible medical, dental and vision services.
- An online portal giving participants easy access to find account details including contributions, disbursements, claim history, investment history and tax form history.
- A knowledgeable person to answer participant emails or phone calls.
SBA vs. the “free” HSA program:
There is a monthly fee to use SBA’s program, so why wouldn’t you go for a free bank program? You know the phrase, “you get what you pay for.” Often times:
- The employee gets a debit card that works at all locations with no spending boundaries for eligible expenses, creating potential for penalties.
- The “free” account offers no interest on balances and has no mutual fund investment opportunities.
- Many “free” accounts are now charging a monthly fee if the balance is below $1,000.
- When a contribution mistake is made, the bank customer service representatives may not know how fix the problem.
- If an HSA account holder calls the “free bank,” they typically do not talk to a customer service representative who can answer HSA-specific questions.
- Account holders have to keep up with receipt documentation, storage and IRS annual limits.
For ongoing HSA administration, SBA will provide:
Easy online tools
- Account set up. Quickly set up employee accounts via online enrollment or electronic census import.
- Contributions. Make payroll contributions through EFT.
Security and compliance
- Secure personal data. Account information is stored and backed-up at two state-of-the-art data centers and security protocols are tested annually by accredited SSAE 16 auditors.
- HIPAA compliance. Participant health and financial information is stored in a patented ClaimsVault® “electronic shoebox” that is HIPAA compliant.
Knowledge, accessible support
- Talk to a person. Our dedicated staff can help with any HSA questions, including regulatory and compliance support – available M-F, 8am – 5pm PST. Talk to a person, not voicemail.
- Enrollment assistance. Our enrollment materials offer educational campaigns including email templates, flyers and brochures. Additionally, our enrollment specialists assist employees with questions or concerns.
- Contribution tracking. We track, not only employee contributions relative to the IRS limits, but also HDHP to distinguish between individual and family coverage to determine the appropriate limits.
- Excess contribution alerts. When transmitting contributions, you will receive a warning if an employee is exceeding contribution limits, so you can resolve the discrepancy before it is posted.
- Cash management reporting. We provide both cash balance reporting and self-service tools to help manage your unallocated funds.