Health Savings Account
HSA Group Benefits
A Health Savings Account lets participants set pre-tax basis money aside to pay for qualified medical expenses, such as copays, deductibles, prescriptions, and coinsurance. At BIS Benefits, our brokers can help employers implement and manage HSA-qualified High Deductible Health Plans (HDHP).
HSA Eligibility Requirements
In order to elect in an Health Savings Account, you must elect in a High Deductible Health Plan (HDHP). You also cannot be enrolled in a disqualifying health insurance plan (such as an Flexible Spending Account or a Health Reimbursement Arrangement) or be claimed as a dependent on someone else's tax return.
What Business Owners Need to Know
HSA funds roll over year-to-year and stay with the account holder through employment changes, making them an attractive option for many employees. Employers can help their staff members save on healthcare costs and support them with tax-advantaged benefits. At BIS, our benefit brokers can help business owners with their investment strategies and find an insurance plan that offers the resources they need.
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Allow our brokers to aggressively shop the market to get you the most competitive rates.
Our Carriers
We quote all the top-rated insurance carriers in Georgia, including
Humana,
Anthem,
Blue Cross,
Aetna,
United Health Care,
Oscar,
Renaissance,
Cigna,
Kaiser,
Principal,
Guardian,
EMI, and more.
Where We Work
BIS works with clients located throughout the state of Georgia, including:
FAQs
How is a Health Savings Account different from a Flexible Spending Account?
Unlike most traditional health plans, an HSA plan allows policy holders to carry over a standard amount year after year. If they decide to change employers or leave the workforce, the HSA funds still belong to them. This differs from an Flexible Spending Account (FSA), which is employer-owned and must be used within the calendar year.
What is a qualified medical expense?
These healthcare expenses are designated by the IRS as products and services that diagnose, treat, or prevent diseases. These can include medical procedures, prescription drugs, and long-term care services.
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Business Insurance, Group Plans, and Employee Benefits? BIS Benefits is here to help! Our brokers are friendly, knowledgeable, and ready to answer any questions you might have. Contact us today for a custom quote!
