How It Works
Our defined contribution solution helps employers control costs by establishing a predictable employee benefits budget, while giving employees a wide variety of options and the right resources to make good decisions about which health plan is right for them. Consumers can budget for and select health benefits that fit their needs, shop for insurance, and manage accounts throughout the year. With the integrated Defined Contribution approach, the defined contribution account is the benefit, and it stays with the employee all year.
In a defined contribution plan, the employer designates a fixed amount of money for each employee. Employees then use that money to purchase insurance products that meet their specific needs and those of their dependents. An intuitive, online enrollment process helps employees shop for insurance products by answering healthcare questions such as how often they visit the doctor, if they have dependents, if they are concerned about prescription costs, and how much they would like to allocate for their premiums and deductibles. Employees can use pre-tax dollars to buy additional insurance or put money in an account, such as a HSA, for qualified health care expenses. The result is the ability for employers to lock in healthcare budgets, reduce administrative work, save thousands of dollars in taxes and premium expenses and create real choices for employees.
Using the HSA Plan Setup, sign up clients today for HSA Bank's HSA program.
To sign up clients for HSA Bank's FSA, HRA, or Commuter Benefits, find and contact your Regional Vice President of Sales for assistance.