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Why should an Employer provide HSA Administration to their Employees through CoreAdmin?
Written by Loretta Graham-Giles, Manager of CoreAdmin
Allowing Employees to find their own HSA Custodian could mean that the benefit will be delayed or never actualized because the Employee is having difficulty choosing an HSA Custodian. The benefit could be delayed longer while the Employer waits for the Employee to provide their HSA Custodian’s address and account information so that the Employer can mail a check or transfer funds to the Employee’s HSA account.
SAVE TIME! CoreAdmin can provide HSA Administration set-up when you order the Premium Only Plan with HSA Module. The HSA Administration set-up service is provided for our Plan Document clients only. The Plan Document cost begins at a one-time cost of $129 for the Premium Only Plan with HSA Module, but can also be coupled with a Health FSA and Dependent Care FSA for as little as $329.
VALUE! Unlike many administrators, CoreAdmin does not have a minimum monthly employee participant charge for small employers. This means that the Employer can provide excellent Employee benefits even if they have only one Employee, without paying fees for what seems like a full crew of Employees.
Set Up Fee for new client – minimum $50, waived for clients using CoreAdmin for their HRA, Health FSA, Dependent Care FSA, and/or Commuter Reimbursement FSA.
Set Up Fee for new participant – $9 for each new participant added after initial set up.
Monthly Administration Fee – $2.00 per participant per month, waived for participants that are enrolled in their Employer’s HRA, Health FSA, Dependent Care FSA, and/or Commuter Reimbursement FSA administered through CoreAdmin.
If you have clients that would like to begin allowing their Employees to pre-tax their HSA contributions, and you would like to make them available on the BennyCard through CoreAdmin, when you place your order for the Premium Only Plan with HSA Module, add “Please Provide HSA Admin Set-Up” in the Notes section. We will then send an HSA Administrative Services Agreement to you with the forms required to set up the Bancorp HSA Employer Account.
Send your questions about HSA Administration and coordinating your HRA/FSA with your Employee’s HSA benefit to Loretta @ CoreAdmin.info.