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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 Features

Stand-Alone Accounts

Our HSAs are not tied to a medical carrier, increasing your flexibility.

Pre-Tax Contributions

Funds are taken from employees’ paychecks before tax.

Tax-Free Distributions

When used for qualified medical expenses, distributions are not taxed.

Individually Owned

Employees own their account and can take it with them if they leave employment.

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.

Download 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

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.

Individuals age 55 or up may make an additional, annual contribution to their HSAs in the amount of $1,000.

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

 

Common Questions about Heath Savings Accounts (HSAs)

HSA

Considering setting up an HSA or have questions regarding your existing account? Keep reading to get answers to common HSA questions.

How to Invest Your HSA Contributions

HSA

Your Health Savings Account (HSA) helps you save money for healthcare expenses, but did you know it can also serve as a powerful investment tool?

Employee Benefit Terms to Know

HSA

Here’s a list of some of the most common insurance terms used and what they mean to help you make your decisions.

Support for Employees

We provide many resources for employees who have American Fidelity’s Health Savings Accounts. We’re here to help.

American Fidelity Assurance Company
americanfidelity.com