Health Savings Accounts
A Solution for Managing High Deductibles
As deductibles increase, helping employees prepare for out-of-pocket medical expenses should be top of mind. But, finding the right solution isn’t always easy. From fees to administrative changes, implementing new solutions, like a Health Savings Account (HSA), can be difficult.
American Fidelity offers a better way. As a third-party carrier, we provide HSA administration independent of your medical provider. You can change medical carriers at any time—without switching HSA providers. And, your employees will be able to keep the same account.
We know education is key. That’s why our experienced account managers provide year-round education and are committed to helping you and your employees understand their accounts.
HSA Versus FSA
When it comes to reimbursement accounts, the differences can be confusing. Healthcare Flexible Spending Accounts, Dependent Care Accounts, Health Reimbursement Arrangements, and Health Savings Accounts aren’t all the same.
Each has its pros and cons, and not every solution is right for your business. For a list of important differences, download our printable chart.
Top 5 Most Asked HSA Questions
Who is eligible to open an HSA?
Employees can open an HSA if they:
- Are included in an employer-sponsored qualified High Deductible Health Plan
- Are not covered by any other type of health plan, including Medicare
- Are not claimed as a dependent on another person’s tax return
Which expenses can be paid for with an HSA without penalty?
What is the maximum annual contribution amount?
The 2020 contribution limits are $3,550 for single plans and $7,100 for family plans. For 2021, the contribution limits are $3,600 for single plans and $7,200 for family plans.
What is a catch-up contribution?
Individuals age 55 or up may make an additional, annual contribution to their HSAs in the amount of $1,000.
Do the funds in an HSA rollover?
Yes! Unused funds roll over year to year, so you will not lose any money you didn’t use.
HSA Protector™ Insurance Products
HSA dollars may be used to pay for deductibles, copays, and more. These health insurance products below offer cash benefits, paid directly to the policyholder, for common medical expenses. These benefits can help shield HSA money so it can keep growing.
Recent HSA Articles
Are you contributing enough to your HSA each year? There are several strategies to consider when deciding how much to contribute to your account.
Considering setting up an HSA or have questions regarding your existing account? Keep reading to get answers to common HSA questions.