Pairing a Health Savings Account (HSA) with a Qualified High Deductible Health (QHDHP) plan can help an employer’s bottom line, while giving employees more control of their health and well-being. HSAs are part healthcare account and part retirement account. Taking the best of both areas, a properly utilized HSA will provide a triple tax benefit, surpassing almost any retirement account on the market. Funds put into an HSA will go in tax-free, grow tax-free, and provided the funds are eventually used for qualified medical expenses, they will also be disbursed tax-free.
Many banks provide HSAs, but they don’t always have the deep regulatory understanding needed to guide accountholders through the complexities of managing their HSA properly. That’s why BPC has partnered with Avidia Bank to seamlessly integrate their robust banking platform with BPC’s compliance and administration services.
BPC’s team of certified Flexible Compensation Specialists guide clients and participants through what it takes to be eligible for an HSA, how much they can contribute to an HSA, what they can use the funds to purchase, and much more. From videos, to print materials, to online decision support calculators, BPC has a wealth of HSA-focused educational resources and can help you map out a specific educational strategy to bring your employees up to speed.
Participants will have real-time access to account balances and transaction history, control investment options, set up online bill payments, and view monthly statements through BPC’s website and mobile app. When employers offer additional reimbursement accounts, such as a limited-purpose FSA, BPC can drive all transactions for the participant from a single debit card, with all activity available on a single web portal.
Thanks to BPC’s partnership with Avidia, participants will benefit from having no monthly administrative fees, more than a dozen mutual fund investment options, and the peace of mind that comes from keeping money with an FDIC-insured community bank.
Employers benefit by keeping your costs down, while giving employees increased control and understanding over their healthcare decisions. If you’re interested in taking advantage of this exciting partnership, contact BPC at 800-355-2350 or emailing us.