Health Savings Accounts
As the employee benefits landscape changes, we’re committed to providing you and your clients the best options available. That’s why P&A Group is proud to partner with HSA Bank to offer Health Savings Accounts (HSAs).
A Health Savings Account (HSA) is a special bank account that allows employees to save money on a pre-tax basis that can be used for qualifying medical expenses. To qualify for an HSA, an employee must have an eligible high-deductible health plan (HDHP) and not be enrolled in an active Flexible Spending Account (FSA). Unlike an FSA, there is no “use it or lose it” stipulation with an HSA, so funds will roll over from year to year. An HSA also had long-term investment opportunities (not FDIC insured) with tax benefits on contributions, earnings, and distributions.
As a third-party administrator of HSAs, you can count on us to make the administration process seamless for you and your client, from employee education and enrollment to monthly reporting.
To learn more about HSAs for your client, submit a contact us request to discuss your needs.