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HSA

Health Savings Account (HSA)

Health Savings Account (HSA) allow participants to set aside dollars for qualified out-of-pocket health care expenses, up to a maximum contribution amount set by federal limits. It can only be used with a qualified High Deductible Healthcare Insurance Plan (HDHP). It is setup with a partner bank and the money in the account always stays with the employee. The dollars in the account are only available for reimbursement as they are funded.

When setting up an HSA with Advantage Administrators, not only are you allowed to set up an HSA account, but we also include at no additional charge

Download HSA Setup and Investments Guide here.
Download the HSA flyer here.
Download the HSA Current Investment Options flyer here.

  • No Bank Fees
  • Debit Cards (can be stacked with both HSA and LFSA)
  • Investment Options
  • Online Access to HSA Accounts
  • Dependent Care Assistance Program (DCAP)

Limited Health Flexible Spending Accounts (Health LFSA)

Limited Health Flexible Spending Accounts (Health LFSA) allow participants to set aside dollars for qualified out-of-pocket health care expenses up to a maximum contribution amount set by the employer for Dental and Vision ONLY. It can only be used in conjunction with an HSA. Unlike an HSA, all funds elected are available on day 1 of the plan year.

Administration Services

Any administrator can propose a plan, but we take our administration the extra mile for you and your employees by providing great customer service. Advantage Administrators provides the following services for our Flex Plans.

  • Documents – SPD, Plan Document, and required notices and forms
  • On-Site Employee Education and Participant Enrollment
  • On-line Enrollment Platform
  • Plan Extensions – 90 Day Run-Out Period with optional Grace Period and $500 FSA Rollover
  • Claims Administration

– Claims submission via Mobile App, Online Portal, E-mail, Fax, Mail
or Drop-Off
– Reimbursements processed daily
-Reimbursement by Direct Deposit, Check, or Debit Card
-E-Mail and text notices of account activity and monthly statements

  • Employee Account Access

– Available 24/7/365 via Online Portal
– Available 24/7/365 via Mobile App
-Customer Care Department Mon-Fri 8:00-5:00

  • Discrimination and Compliance Testing and Form 5500 if required
  • Plan Amendments

-Required by Law – Free of Charge
-Employer Requested – Nominal Fee

  • Legal and Legislative Issues

-Special Memos, Seminars and Roundtables as required

 

HSA EV1 Video