HSA Bank Expands Health Care Savings Options

April 22, 2014 (PLANSPONSOR.com) – Beginning May 1, HSA Bank, a provider of health savings accounts (HSAs), will offer more ways for employees to save and pay for health benefits on a pre-tax basis.
Working with benefit technology partner Evolution1, HSA Bank will offer health reimbursement arrangements (HRAs) and flexible spending accounts (FSAs)—including health and dependent care FSAs—as well as its health savings account services. The company will also commuter benefit plans (transit and parking accounts).

HSA Bank also brings a defined contribution (DC) offering to the marketplace that is connected to its account-based benefits with a flexible integration to private exchanges. With a DC model, employers provide employees with a fixed amount of money with which to purchase insurance.

The company explains HSAs allow participating employees to pay for IRS-qualified medical expenses tax-free. HRAs are employer-owned and funded tax-advantaged accounts, which reimburse employees for out-of-pocket medical expenses as defined by the employer. FSAs are tax-advantaged accounts established through an employer to pay for various health care and dependent care, not covered for by another plan.

More information is at www.hsabank.com.