The idea behind high deductible health plans is to send less money to the insurance carrier and to put the premium savings in a tax free account (HSA). This enables the employee to use the premium savings to pay for their medical bills and carry over any unused money for future use. There are two parts to the program, the medical plan and the Health Savings Account (HSA).
An HSA is a tax-free savings account that an employee can use to save money and pay for qualified health care expenses with tax-free dollars. Plus, unused funds roll over from year to year and continue to earn interest tax-free, increasing the benefit of today’s savings. Employees can also choose to invest their HSA funds through a variety of options in our system.
Benefit Coordinators, Inc. will help you put the pieces together. As the Plan Service Provider, Benefit Coordinators works with the insurance agent to design the right plan for the group or help them understand how an HSA can work with a Cafeteria Plan, HRA, or Limited-Purpose FSA.
All account holders would have online access to their account. Through our website employees can make deposits and withdrawals, as well as track expenses. Tracking expenses allows account holders to enter expenses and store documentation/receipts should the IRS ever audit their HSA. It also allows account holders to accumulate eligible expenses so that they can withdraw the money without tax or penalty at a later date if they choose to do so.
The accounts can also be accessed 24/7 through our Mobile App – BCI4me (available in your smart phone’s app store).
With the help of HSAStore and HealthShopper, purchasing eligible expenses has never been easier!