Health Savings Accounts

Don't Offer an HSA today? Looking for Ways to Reduce Costs for Your Company & Save Your Employees Money?

Chard Snyder HSA Advantage™ can help.

We’ll make this simple: A Health Savings Account, or HSA, helps your employees pay less in taxes, boost their take-home pay, and keep more of the money they’ve earned. Here’s how.

What's an HSA? A Health Savings Account (HSA) is a tax-advantaged account that works in conjunction with a High Deductible Health Plan (HDHP). It allows your employees to save tax-free money for eligible medical expenses. An HSA is a portable bank account owned by the employee, so funds go with them even if they change jobs or health plans. An HSA covers eligible expenses for the employee, their spouse, and their tax dependents, which means they could pay less in taxes and keep more spendable income.

Advantages of Having a HSA

Why is an HSA Important for Employers to Include in Their Benefit Plans?

If you’re responsible for building the benefits package at your company, Chard Snyder HSA Advantage™ should definitely make the cut. Here’s why:

Offer more affordable coverage - Provide your employees options with a High Deductible Health Plan. HDHP premiums are typically lower than other traditional plans, which offers cost savings for you and your employees.
Decrease your payroll taxes - Both employer and employee contributions to an HSA are tax deductible. To give an extra incentive for employees, you may consider offering matching contributions to your employees' accounts. Because HSA contributions are tax deductible; it won't break the bank!
Enhance your benefits package - To recruit and retain a talented workforce, your benefits need to stand out! An HSA is a great perk that employees will appreciate now and in retirement.

Five Reasons for Employees to Open a Chard Snyder HSA Advantage™ Account

Money goes in tax free - HSA contributions qualify as a tax deduction and reduce employees' taxable income.
Money grows tax free - Interest earned on HSA contributions is tax free, even when invested.
Money comes out tax free - When HSA contributions are used for eligible healthcare expenses, no taxes are due.
HSA funds are portable - Employees can take their account with them, even if they change jobs. There is no "use it or lose it" rule for HSAs.
Save for current or future healthcare expenses - Employees can use HSA dollars to pay for eligible healthcare expenses for their family and tax dependents now and in retirement.

Save for Retirement with HSA Investment Funds

Another great benefit of offering an HSA for your employees is the opportunity for them to invest their money to save for retirement or healthcare expenses in the future.

Chard Snyder HSA Advantage™ offers many HSA investment mutual fund options. Savvy investors can access additional self-directed investment options by opening a Health Savings Brokerage Account.

Please note: The investment threshold when a participant can begin to invest HSA funds is set by the employer.

Chard Snyder Offers Health Savings Brokerage Accounts

A Health Savings Brokerage Account (HSBA) is a self-directed individual brokerage account designed to complement a Health Savings Account. The HSBA provides Chard Snyder HSA Advantage™ account holders access to thousands of investment choices. Knowledgeable investors who seek more flexibility, increased diversification, and a greater role in managing their HSA funds would benefit from an HSBA. You can offer an HSBA with your benefits package to help attract and retain top talent.

Resources: HSBA for Employers, HSBA for Participants

The Power of Chard Snyder HSA Advantage™

How can Chard Snyder HSA Advantage™ benefit both you and your employees?

Our fee stability gives you peace of mind knowing costs remain consistent.
You have the ability to determine the HSA investment threshold for your employees.
HSA Advance enables you to provide HSA funds upfront to employees before they contribute to their account.
Our personal approach means you have a dedicated account team assigned to assist you, backed up by a US-based in-house customer service team.
We offer flexibility with plan design and reporting, file feed integrations, and open enrollment support to meet your unique needs.
We keep you in compliance with ever-changing legislation through our quarterly compliance newsletter, breaking news email alerts, and plan document updates administered by our in-house Compliance team.
Our smart technology provides ease of use with one website, one mobile app, and one benefit card for all Chard Snyder Savings & Spending Accounts.

Chard Snyder HSA Advantage™ Works in Three Easy Steps

1. When an employee enrolls in an HSA-qualified plan and a Chard Snyder HSA Advantage™ account, they will have access to a secure, easy-to-use web portal and the Chard Snyder Mobile App. They can use these tools to easily and conveniently view account balances and transactions, manage their HSA investments, scan products for eligibility, use contactless payments for eligible expenses, and much more.

2. Once enrolled, you and the employee can deposit money into their HSA account, any time, up to the annual IRS maximum single or family contribution limits. Employees can make contribution changes at any time or, at a minimum, once a month.

3. Chard Snyder HSA Advantage™ plan participants will automatically receive the Chard Snyder Benefit Card. It works just like a debit card, but is enabled with smart technology and can only be used to purchase HSA-eligible healthcare products and services. When an employee uses their benefit card, funds are automatically taken from their HSA account. (Receipts should be kept for seven years and can be uploaded via the Chard Snyder Mobile App or web portal to be stored with the account.)