A Health Savings Account (HSA) is a tax-advantaged savings account that is used in combination with a High Deductible Health Plan (HDHP) to offer employees a new way to manage their healthcare.
Since 2003, these Plans have been the fastest growing employee benefit. Why the popularity? Simply put, HSAs make good sense. Besides helping employers reduce their health insurance costs, when HSAs are in place, employers add depth to their employee benefits and keep more money in their pockets. More and more employers are choosing this consumer driven healthcare account to empower their employees.
With HSAs, both employers and employees make payroll contributions to pay for current and future eligible medical expenses. Contributed funds are tax-free to employees and tax deductible for employers.
For employers, an HSA creates tax savings! Hidden fees and risks associated with the reimbursement process are eliminated. Furthermore, through a High Deductible Plan, employers can reduce health insurance costs. With an HSA, employers have the ability to provide employees with more control over their healthcare.
With TASC HSA Full Service Plan, employers can fight rising health insurance costs, promote healthy lifestyles, and offer greater depth and flexibility in their benefits packages! These three concerns are priorities for our HSA Plan, a full-service solution that provides comprehensive administration, compliance, and investment management services.
Enrolled employees enjoy the ease and control of managing their TASC HSA and funds with secure online access 24/7/365 through our TASC HSA website. We offer fast reimbursements, easy access to funds, and integrated resources to help employees/participants manage their HSA and investment account(s).
Our industry leading solution provides these powerful features:
As an alternative to a full-service HSA, employers may choose to offer a Limited HSA or a Plan Only HSA.
With the Limited HSA, Participants (employees) establish their own separate HSA custodial account with a financial institution of their choice. Participants must make sure their chosen financial institution can accept ACH (automatic clearing house) electronic transfers of funds into the account.
After the custodial account is set up, the employee enrolls in TASC HSA and is set up in our system for the administration of contributions. Employees work directly with their elected financial institution to maintain their Limited HSA account, and said institution manages reimbursement, account balance, and so on. By directing the funds movement for each payroll period, the Limited HSA frees the Client of most of the administrative work load.
TASC provides the following services for the Limited HSA:
Plan Only HSA
In the Plan Only HSA, the Client purchases HSA Plan compliance through TASC. TASC maintains the Plan Document required by the IRS, and the HSA is fully-funded with pre-tax (including FICA) contributions. Clients in turn choose a financial institution of their choice, and handles the Plan’s funds management and other administrative elements.
TASC provides the following services for the Plan Only HSA:
Call us at 1-888-595-2261, ext. 17730 or email email@example.com.
Current TASC HSA Clients and Participants: Please login to your MyTASC account,
select Contact Us, and submit a MyService Request, or call 1-800-422-4661 for assistance.
TASC Health Savings Account