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Avidia Bank Health Savings Account (HSA) Program
Implementation
Implement a Successful Program
• Set Goals and Establish Program Design• Educate Employees• Facilitate Enrollments and Contributions• Provide Ongoing Resources and Encourage
Participation
Set HSA Goals
Determine what your company wishes to achieve.
• Premium savings• Savings on payroll taxes with pre-tax contributions• Employee recruitment with high-quality benefits• Improved employee health
• Reduced health insurance claims• Reduced sick time• Improved employee morale
Establish HSA Program Design
• Make program attractive and increase enrollment potential with:
• Initial employer funding• Pre-tax payroll deductions• Premium cost sharing between
employer and employee• Matching contributions with a Section 125 Cafeteria
Plan• Incentivize healthy living, like the completion of a
health risk assessment, with HSA contributions.
Communicate Key Messages
• How an HSA works• Benefits of an HSA• Health plan terms
• Deductible• Out of pocket• Co-insurance• Eligible Medical Expense
• Contribution terms• Pre-tax• Tax-deductible• Tax-deferred
Convey Employee Advantages• Funds roll over from year to year• Differs From typical Flexible Spending Accounts (FSAs) and
Health Reimbursement Accounts (HRAs)• Triple tax benefit - Account contributions, earnings and qualified
distributions are all tax-exempt• Portability • Tax-free withdrawals for Qualified Medical Expenses even if
qualifying coverage ends• Potential to use like an IRA for an added retirement benefit• Long-term investment opportunities
(Not FDIC insured)• Control over healthcare dollars
Provide Learning Opportunities
• Schedule employee meetings • View Avidia Bank’s HSA pre-enrollment presentation• Email, post or provide employee information as
outlined in the Communication Calendar• Allow your employees’ spouses to attend• Direct employees to savings and decision tools• www.HSAvidiabank.com• Communicate employer contribution amount• Identify premium savings, company portion
HSA Myths• HSAs are for the healthy and wealthy. • Traditional plans do not typically limit out-of-pocket expenses
while HSA-compatible plans generally cover expenses at 100% after the maximum and provide certain preventive care services before the deductible is met.
• HSAs only shift costs from employers to employees.• HSA plans may allow employers to offer healthcare coverage
that might otherwise be too expensive. • Employees typically save on premiums.• Employer contributions provide funds for employees to use or
save for the future.• HSAs have a triple tax benefit for added employee savings
Facilitate Enrollments and Contributions
Contribute
Once your pre-tax Section 125 Cafeteria Plan is established: Communicate matching employer contributions
(if applicable) Gather employee contribution information
Begin making contributions: Direct Deposit, Enroll for Business Express (on-line banking) or By check
Enrollment Information
• Schedule a meeting with Avidia Bank HSA specialist for on-site enrollment engagement.
• Visit the employer section of HSAvidiabank.com where you will find links to both on-line and manual enrollment forms.
Provide Ongoing Support
Support & Resources
• Communicate Resource Provided by Avidia Bank– Tax Documents– Ongoing educational resources– www.HSAvidiabank.com
• HSA Education FAQ
– Around the clock account access• Internet Banking
– Exceptional customer service• Toll free number 800-508-2265• Email – [email protected]
Implement Wellness Program
• Wellness programs typically improve employee health and reduce claims.
• Consider HSA Contribution incentives for:– Health risk assessments– Documented exercise– Stop Smoking program completion– Weight management program participation
Review Your Program Annually
• Contact Insurance Broker annually to review your Health Insurance program and
• Contact Avidia Bank for ongoing employee support & education
Thank You
At Avidia Bank we are dedicated to helping you achieve your HSA program goals.
If you have questions or need assistance contact us at 800-508-2265 or email
