Health Savings Account Solutions for Employers
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As a business owner, considering your employees’ healthcare costs is a big part of the job. An HSA supports the health of your workforce by providing a tax-advantaged way for employees to save for health expenses. If you offer a high-deductible health plan (HDHP), an HSA is a great way for employees to save pre-tax dollars to put toward eligible health costs. Fifth Third offers a comprehensive single end-to-end user experience for administering your benefit accounts.
Benefits of HSA Accounts for Employers
Not only does an HSA offer advantages for your employees, it also comes with benefits for your business.
- Lower Premiums: You and your employees can generally save money on monthly health insurance premiums when you switch from a traditional health plan to an HSA-eligible plan with a Health Savings Account (HSA).
- Tax Savings: Employers don’t have to pay payroll taxes on employee HSA contributions made through payroll deductions, and you can take a federal income tax deduction for contributions you make to your employees’ HSAs.
- Easy to use: We incorporate a single platform, login, and Multi-benefit Card®. By doing so, we bring several accounts together into one, easy-to-use program for both you and your employees.
Is an HSA Right for Your Employees?
If you offer a high-deductible health plan (HDHP) that is HSA-qualified, you should consider offering an HSA for your employees to set aside pre-tax money for medical expenses.
To be an eligible individual and qualify for an HSA, your employee must meet the following requirements:
- They are covered under a qualified high-deductible health plan (HDHP)
- They have no other health coverage—except for the type of plans listed below*
- They aren’t enrolled in Medicare or TriCare
- They can’t be claimed as a dependent on another individual’s tax return
Our CDH Solution provides you with accounts that can easily be paired with your insurance plans. They give your employees the ability to save for out-of-pocket, qualified medical expenses while reducing your own costs.
If you are a current Fifth Third Bank CDH Customer, you can find tools, resources and links for your company to use in administering your program.
The Health Savings Account (HSA) is one of the best saving and investing tools available, but sadly, only 22 million Americans are taking advantage of this, according to AHIP.
Investing in a savings account has many benefits. Major life events, such as paying for college tuition or retirement, are probably at the top of your list of reasons to save. Due to the rising costs and uncertainty of health-care, you may want to think about opening a Health Savings Account.
Interested in learning about what we can provide?