The high deductible health plan has a deductible of at least $1,000 for single coverage and at least $2,000 for family coverage. It is a required component for any business that plans to offer a health savings account (HSA) to its members, according to a news release.
Wausau Benefits will implement its high deductible health plan with HSAs provided by various financial institutions – the first being Associated Bank in Green Bay, Wisconsin. The HSA custodians will hold, invest and distribute HSA dollars, while Wausau Benefits will provide HSA implementation for employers and plan members through employee communications, account management, enrollment meeting facilitation, coordination of member services with the HSA custodian and Web links to the HSA custodians.
Plan members will contribute to their HSAs through payroll deduction and can participate in a variety of investment options. Funds will be easy to access through HSA debit cards or checking accounts.