Health Savings for Employers
Reasons to Offer an HSA-Qualified High Deductible Health Plan
In times when it is becoming increasingly difficult to offer health insurance, many employers are switching over to High Deductible Health Plans that are HSA eligible. Eight million Americans are covered by HSA-eligible insurance plans according to a new census from AHIP. Here are some of the reasons they are enrolling:
- Control Premiums - Monthly premiums for an HDHP are significantly lower for both the employer and for the employee. Premiums also increase at a much slower pace when compared to traditional insurance.
- Consumers vs. Victims - High Deductible Health Plans put your employees in the driver seat and they will become engaged in their healthcare. This plan turns us from victims into consumers.
- Healthier Employees - A major focus of High Deductible Health Plans is prevention. Many plans come with preventive care benefits which encourage people to get their yearly check-up and exams for zero or little charge. An ounce of precaution goes a long way and will lead to healthier employees.
- Tax Benefited Account - This type of health insurance may be coupled with a Health Savings Account which functions similarly to a cafeteria plan. Funds may be deposited pre-tax into your employees HSAs which they may then use to pay for their healthcare.
- Less administrative work - Unlike the FSA, the health savings account is the employees' personal account run solely by themselves. Since it is not controlled by your company, there is less administrative work for you.
- Peace of Mind - Your employees will have the comfort of knowing that the money in their HSA is theirs and will follow them wherever they may go. Also unlike the FSA, an HSA has no use-it-or-lose-it policy. Unused funds in the account will rollover each year and continue to earn interest.
Here Are a Few of the Reasons to Allow America First Credit Union to Serve You:
There are many reasons to let us serve you and your Health Savings Accounts. Not only are we one of the largest credit unions in the nation and a financially stable institution, we also offer a product that is impossible to beat. Here is why:
- Service - Switching over to an HSA-eligible plan can seem like a daunting task but it doesn't have to be. We have account specialists that will come directly to your company to help answer any questions, complete forms, etc. That person will then be your contact person at America First Credit Union if your company has an questions.
- Accessibility - Accessing your HSA funds could not be easier or cheaper. We offer a free HSA Visa debit card, free online bill-pay, and HSA checks if desired. You may also go into any of our local 88 branches to withdraw funds or make contributions.
- Affordability - Most financial institutions will charge you fees just to keep your money with them. At America First Credit Union, we do not charge service or maintenance fees for your HSA.
- Options - Instead of charging fees, we offer you a variety of options with great interest rates that are nearly impossible to beat.
To have an HSA at America First Credit Union, your employees must first be or become a member. They can apply for the HSA at one of our many branches, online, or over the phone. A signature is required so once the form is filled out, we will send it to them for them to sign and return.
There are multiple ways to contribute to your employees' Health Savings Accounts:
If sending a check, include a check and spreadsheet with the name of each employee, their Health Savings Account number, and the breakdown of funds. Mail them directly to:
- Deposit Services
- PO Box 9199
- Ogden UT 84409
If you would prefer to handle it yourself via ACH, you will need to provide the following information to your financial institution
- America First Routing Number: 324377516
- HSA Account Number: ex 24356781
- Account Type: Checking