Highlights of the Health Care Spending Account
The employer is always in control. Your employee benefits provider Benefit Strategies Inc. can help you pre-determine the fund amounts that are allocated for each employee to the health spending account. Traditionally, these allocated funds are applied at the beginning of the year for eligible expenses.
Employers – Use an HSA to customize your benefits program to fit the needs of your employees and 100% of he HSA costs are tax deductible.
Employees – Can access the MyHSA Flex Plan App for easy claim submission and fast reimbursement. Once the employee takes a picture of the receipt using the MyHSA Flex Plan App, they will receive a tax-free refund within 48 hours!
HSAs are becoming a very popular replacement for, or adjunct to, traditional employee benefits plans. They provide flexibility, practicality, and a cost-effective way to keep up with diversifying trends in employee health, vision, and dental coverage. HSAs are also a non-taxable benefit for employees so the claims, administrative fees, and expenses associated with your MyHSA Flex Plan are 100% deductible for employers.