Choosing an HSA Administrator

Most HSA administrators hold money and maintain a toll-free call center. FlexBank has teamed with a number of custodial banks to create the ultimate Health Savings Account approch. FlexBank makes it easy for you to choose one or more of our partner banks/credit unions as options for your employees. Employees appreciate having choices.

Here are just some reasons why the FlexBank HSA is different.

Why FlexBank for HSAs?

There are two opportunities to succeed with implementing an HSA program: logistics and education. FlexBank’s years of experience with HSA administration will help ensure your HSA is a true benefit for you and for your employees.

Logistics

You must choose who will hold the HSA funds, credit interest and issue debit cards. FlexBank interviews banks and credit unions on a regular basis to identify those with HSA programs that are employee friendly. We shop for you and can talk through which custodian to offer as well as make it easy to offer more than one to your employees. Employees like choices.

There are annual IRS limits. It’s easy to over-contribute, especially when there is a mid-year event and the maximum contribution must be prorated (for example, changing from family coverage to single coverage; enrolling in Medicare mid-calendar year). FlexBank offers an online HSA depositing system with a “contribution filter” to minimize the possibility of over-contributing.

FlexBank fills the void in communicating the amount and date of an HSA deposit. FlexBank automatically generates confirmation emails to each HSA owner with the amount of the employee’s contribution and any employer contribution. If the employer contributes, this email is a reminder of this benefit.

Education

FlexBank is knowledgeable in understanding how HSAs work, or don’t work, with your current benefit plans (or your employees’ spouses’ plans). FlexBank can help you implement a winning strategy while still playing by the rules.

FlexBank provides reactive support via phone, email and through our extensive educational resource center online at FlexBank.net. In addition, FlexBank proactively communicates at least monthly via email newsletters sent directly to HSA owners.

Individuals covered by Medicare are not permitted to continue to contribute to an HSA. FlexBank proactively contacts those of age 65 and older to ensure the individual has not enrolled in Medicare, including Part A, which is free.

FlexBank can administer a limited FSA for HSA owners, a general purpose FSA for employees not electing the HDHP/HSA and an HRA for those ineligible to contribute to an HSA. Employees may also participate in a work-related dependent care account even if they have an HSA.

The FlexBank HSA

  • Employers tend to change insurance companies. There is a distinct advantage to anchoring the savings component of an HSA type benefit program in a different place than the insurance coverage.

  • At FlexBank, employees who need help will get to talk to the same person twice.

  • FlexBank Administrators has an extensive educational resource center.

  • FlexBank offers a “contribution filter” where we enter the maximum your employees may contribute each calendar year as to minimize the possibility of over-contributing.

  • FlexBank can also do the administration for a limited FSA or HRA (vision & dental) for HSA participants and a full FSA or HRA for employees not electing an HSA.

  • FlexBank can update your Section 125 documents with the IRS required language allowing HSA contributions on a pre-tax basis.