The Alliance Benefit Group HSA is now available and is being offered through the Alliance Benefit Group offices in Illinois and Minnesota. Charles Schwab Trust Company will serve as the custodian for the Alliance Benefit Group HSA program, according to a news release.
Investment options in the Alliance Benefit Group HAS are established with a wide range of fund choices from a variety of fund families and include a fixed rate of return option. Distributions from the plan will be available in several ways including direct payment checks, direct deposit, and a debit card.
Employee contributions are made through pre-tax payroll deductions. Employers may contribute to the HSA accounts with savings from reduced premiums in either fixed dollar amounts or by matching contributions like 401(k) plans. Participants retain unused amounts in the HSA account, which may be rolled forward without tax to meet the needs of payment for services in later years. Participants control the use of their account and may even use it for “non-qualified”, non-medical expenses, in which case the distribution is taxable.
Alliance Benefit Group will focus on two main markets with their HSA program. The first market is ABG’s existing client base of nearly 3,000 corporate clients who utilize their retirement plan services. The other market is health insurance companies and third party administrators (TPAs) who are not equipped or staffed to handle the administration of HSA plans and the investment features of the plans.
For more information on the program, please call John Blossom at Alliance Benefit Group of Illinois (800-224-4015) or Brad Arends at Alliance Benefit Group of Minnesota (507-377-2919).