HSA

Health Savings Account

Health Savings Accounts (HSAs) can be a valuable option when designing a healthcare program. That is why Choice Strategies has partnered with BenefitWallet, formerly ACS/BNY Mellon, an industry leader in HSA administration. Together, we offer a tremendous resource for providing a customized cost-savings solution to our clients and their employees. 



Features of an HSA

  • Must be paired with a qualifying High Deductible Health Plan
  • Can be funded by the employer, employee or both
  • Employees can then use their pre-tax money for out-of-pocket 213(d) IRS eligible medical expenses
  • HSAs are completely portable and employee-owned accounts

Advantages of a Choice Strategies HSA

  • Choice Strategies has a long-standing HSA partnership with BenefitWallet
  • We provide custom HSA solutions to our clients and their employees
  • Owners of companies organized as an S-corp, LLC or partnership, cannot participate in an HRA or FSA. They can, however, establish an HSA for themselves, while an HRA is established for the remainder of the group
  • With our HSA program, owners receive a Choice Strategies card like their employees
    • The only difference: The owner’s card attaches to his or her personal HSA account rather than to the company account set up for the HRA

Eligible Expenses

  • Items subject to the deductible
  • Co-pay or coinsurance of the health care plan
  • Dental
  • Vision
  • Orthodontia
  • Limited over-the-counter items
  • Alternative treatments
  • A complete list of FSA/HSA eligible expenses is on our website within the Helpful Links section

Funding

Helpful Links and Resources