Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) for Companies

Healthcare expenses can place a significant financial burden on employees. By providing access to HSAs and FSAs, your business can:

– Help employees save on out-of-pocket medical expenses
– Offer tax advantages for both employer and employee
– Encourage participation in high-deductible health plans (HDHPs)
– Improve employee satisfaction with flexible healthcare spending options
– Strengthen your overall benefits package at a low cost

These accounts empower employees to plan ahead for medical, dental, vision, and dependent care expenses while reducing taxable income.

Both HSAs and FSAs offer valuable savings opportunities, but they serve different purposes. We help your business understand and implement the right options.

Health Savings Account (HSA)
– Available to employees enrolled in a qualifying HDHP
– Employee-owned accounts with funds that roll over year to year
– Contributions are tax-deductible and can grow tax-free
– Funds can be used for a wide range of medical expenses
– Portable accounts that stay with the employee even if they change jobs

Flexible Spending Account (FSA)
– Available with various health plans
– Funded by employee pre-tax contributions, with optional employer contributions
– Typically a “use it or lose it” structure, though some plans offer limited carryover
– Can cover medical, dental, vision, and dependent care expenses
– Managed by the employer, not portable

We work with you to decide which accounts best fit your healthcare offerings and employee needs.

Managing these accounts requires careful compliance with IRS regulations and clear communication with employees. The Shandro Group offers:

– Setup and integration with your existing health benefits
– Coordination with trusted financial institutions and account providers
– Employee education on how to maximize account benefits
– Contribution management and payroll integration
– Compliance monitoring and reporting
– Ongoing support for both employers and employees

We simplify the administration process, ensuring your company remains compliant while delivering real value to your team.

Can my business offer both HSA and FSA options?
– Yes, but employees cannot contribute to both for the same types of expenses. We will guide you on how to structure these benefits effectively.

Are there costs to the employer?
– Administrative costs are generally low, and employer contributions to HSAs or FSAs are tax-deductible.

Do employees lose their HSA funds if they leave the company?
– No. HSAs are employee-owned and fully portable.

Enhance Your Benefits Package with Smart Savings Options

Providing HSA and FSA options is a cost-effective way to support your employees’ health and financial security. With guidance from The Shandro Group, you can implement these valuable tools seamlessly into your benefits offering.