ProBenefits has recently added administration of Health Savings Accounts (“HSAs”) to its platform of compliance services.
Complete Account Administration
ProBenefits provides full bank account setup and support with online access for secure and self-service transactions. MasterCard™ limited merchant category debit cards are available to provide easy access to HSA funds for qualified medical, dental, or vision expenses. Claims Vault™ is available to account holders as an electronic "shoebox" to store receipts and protect valuable tax deductions.
Proactive Monitoring & Compliance
ProBenefits offers eligibility assistance as well as full compliance support to protect the tax benefits of HSAs. Support includes:
- Preparation of IRS Form 8889 to assist account holders with annual tax preparation;
- Contribution and account balance management to reduce the risk of exceeding IRS annual limits; and
- Legal staff experienced in all relevant HSA issues and coordinating compliance for all accounts.
Superior Customer Service
ProBenefits' long-standing service model extends to HSA administration for employers and individuals. For employers, a ProBenefits administrator is assigned to each account as a single point of contact. For account holders, an experienced customer service team is available to assist at all times.
Portability & Customization
Since ProBenefits is an independent administrator, accounts are not required to move with changes in insurance carriers, providing consistency and stability for valuable HSA funds. Account investment options are available. In addition, ProBenefits consultants are experts in benefit program design and can assist employers and advisors with customized options, including coordination of group health insurance with HSAs, FSAs, and/or HRAs.
The monthly fee is $3.50 per account. There are no set-up fees or annual fees. Fees can be paid by the employer or deducted directly from employee accounts. If paid by the employer, FICA tax savings on pre-tax contributions by employees typically ensure that the accounts pay for themselves.
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