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© 2007 Removed. All rights reserved. HSA Product Training January 18, 2007 Smith Co.
2 Agenda The Product HSA Overview Market Demand Product Purpose Product Overview Feature Functionality Review Product Advantages Future Enhancements Pricing Model The Program Ceridians Vanilla HSA Product Launch Timeline Product Pricing HSA Recap © 2007 Removed. All rights reserved. Smith Co.
3 HSA Overview Used to pay for eligible medical expenses Must be paired with high deductible health plan Employee owned account Employee and employer may contribute to HSA Contributions may be deducted from employee paycheck or made as a post tax contribution Contribution amount can be changed as frequently as monthly without life status event Contributions held and maintained by HSA Custodian or trustee © 2007 Removed. All rights reserved. Smith Co.
4 HSA Overview Contributions can be invested Tax favored account – triple tax advantage Contributions (i.e. deposits) Earnings on Invested Money Distributions (i.e. reimbursements) No use it or lose it rule – money rolls from year to year No claim substantiation required Portable – employee can take HSA with them if they leave employer © 2007 Removed. All rights reserved. Smith Co.
5 Why Do Employers Offer HSAs? Employers are experiencing the pain of healthcare as it continues to rise at almost double digit rates each year Controlling health care costs continues to be the #1 goal of HR representatives The Cost of Healthcare: Starbucks will spend more money on healthcare in 2006, roughly $200 Million, than on the coffee it serves to consumers HSA Insider – Fast Fact For many employers, coupling an HSA with an HDHP helps them to reduce their costs, but still offer a health care package to their employees © 2007 Removed. All rights reserved. Smith Co.
6 Why Do Employees Participate? Reduced health coverage premiums Can be considered catastrophic coverage for previously uninsured Employer may be contributing Benefits of the HSA Triple tax advantage Investment opportunities No use it or lose it – money rolls from year to year Can stop or start contributions at any time Account goes with employee if they leave employer Easy to get money out – no receipt submission © 2007 Removed. All rights reserved. Smith Co.
7 Why Offer HSA Administration? Market Demand Double digit rate increases associated with traditional HC premiums More employers and consumers turning to High Deductible Health Plans (HDHP) and Health Savings Accounts (HSA) as a way to reduce costs Market Parity Lessen the gap between Ceridian and our competitors by offering HSA Majority of TPA competitors introduced HSA product over 2 years ago Revenue Growth Increase revenue by selling HSA services to new and existing customers Alliance partnership opportunities (regional health TPAs, banks, etc.) Customer Loyalty/Retention Decrease turnover of existing Reimbursement Services customers looking for one stop shopping Build direct relationships with consumers © 2007 Removed. All rights reserved. Smith Co.
8 HSA Product Overview HSA product offering will be the second product launched within Ceridians Consumer Driven Health Care suite of services (LPFSA was first) Utilizing Lighthouse1 (LH1) OnDemand platform for administration Partnering with HealthcareBank (HCB) for custodial services Competition includes health plans, banks, TPAs Over 65+ cross industry alliances announced in 2005 and 2006 $10B+ in acquisition activity during 2005 and 2006 Majority of our TPA competitors introduced an HSA product over two years ago (i.e., SHPS, WageWorks, Conexis, UHC, Aetna) BearingPoint – Prepaid Card Expo presentation – Feb 15, 2006 © 2007 Removed. All rights reserved. Smith Co.
9 HSA Product Feature Functionality Enrollment Contributions Custodian Banking Plan Design Distributions Investments Participant Portal Rollovers & Transfers (In & Out) Other Transaction Types Reporting Future Features © 2007 Removed. All rights reserved. Smith Co.
10 HSA Enrollment Employees enroll online Enroll through the LH1 Participant Portal Employee Demographics must be pre-loaded to the LH1 system Future product enhancements will allow enrollment by spreadsheet or EDT (May also allow paper enrollment) Enrollment Support Materials Online enrollment instructions E-Learning tool – HSA Employee Experience © 2007 Removed. All rights reserved. Smith Co.
11 HSA Contribution Types Employee Pre Tax Withheld from employee payroll Ceridian ACHs the client each pay period Employer Pre Tax Ceridian ACHs the client as scheduled Employee Post Tax (Form required) Employee sends a post-tax check to Ceridian with required form Future – Employee requests an ACH transfer from their personal bank account Election changes can be made at any point in time. Unlike most pre-tax benefits, there is no requirement for a change in status © 2007 Removed. All rights reserved. Smith Co.
12 Custodian Banking Plan Design HSA funds must be held by a custodian or trustee LH1 Partners with Healthcare Bank as bank custodian Plan Design requires $1000 cash balance (non-interest bearing, non-invested) be reached prior to investing funds Healthcare Bank automatically sweeps funds into investment accounts when threshold is reached Healthcare Bank will automatically sell investments if cash balance drops below the minimum amount © 2007 Removed. All rights reserved. Smith Co.
13 HSA Banking - $1,000 Plan Design Cash Account Maximum Threshold: $1,000 Cash Account Minimum Threshold: $750 Minimum Auto-sweep amount: $100 Cash Account to Investment Account Trigger: $1,100 Investment Account to Cash Account Trigger: $650 © 2007 Removed. All rights reserved. Smith Co.
14 You and/or your employer make contributions to your HSA Money accumulates in your cash account until it surpasses the $1000 threshold by $100. Money is moved to the investment account in $100 increments Funds are deposited into a money market account until you make investment elections. Once elections are made, new funds will be moved directly to those investments © 2007 Removed. All rights reserved. Smith Co.
15 You make an HSA distribution request. Requests for distribution are paid from your HSA Cash Account Your request is processed and your receive your tax-free money If your request exceeds your cash balance, monies will be moved from your investment account to your cash account in $100 increments If the cash balance falls below $650, monies will be withdrawn from your investment account in $100 increments until the cash balance is back up to $750 © 2007 Removed. All rights reserved. Smith Co.
16 Distributions Distribution Types Normal – Request funds for eligible expenses Supplemental – Request funds for contributions over the limit, prohibited transactions, or disability Death Beneficiary – Request by designated HSA beneficiary Methods Direct Deposit Reimbursement Checks Debit Card (Future) Requests Online distribution request Paper distribution request No substantiation required for normal distributions © 2007 Removed. All rights reserved. Smith Co.
17 Investment Options Investment options include the default money market account, mutual funds and more aggressive options Contributions above the threshold will flow to the default money market account Dollars in the default money market account can be moved by accountholder to mutual funds or other investment options All investment related information is available on the Investment Portal – Via a link from the Participant Portal All investment related activity is performed by the accountholder on the Investment Portal Smith Co. can assist the accountholder with Investment Portal navigation, but will not provide investment advice © 2007 Removed. All rights reserved. Smith Co.
18 Matrix of Investments SAMPLE © 2007 Removed. All rights reserved. Smith Co.
19 Participant Portal Functionality Account Summary & Transaction Detail Information Cash Account & Investment Account Balance Contribution Details Contribution Changes Bank Account Changes Account Summary Information Distribution Details Link to HealthcareBank Investment Portal © 2007 Removed. All rights reserved. Smith Co.
20 Rollovers & Transfers Outgoing Rollover to another HSA Transfers to another HSA Incoming Rollover from another HSA Transfer from another HSA Rollover from another IRA/HRA/FSA (Future) Transfer from another IRA/HRA/FSA (Future) © 2007 Removed. All rights reserved. Smith Co.
21 Other Transaction Types Election changes online Death beneficiary changes Death beneficiary distribution Name Changes Post-tax contributions Distribution corrections Excess contribution corrections © 2007 Removed. All rights reserved. Smith Co.
22 Reporting Employer Enrollment Report HSA Contribution Notification HSA Funding Collection Notification Employee Account Summary (Online) Tax Reporting Form 1099 & Form 5498 (from HealthcareBank) Confirmation Statement (Future - Import File or Paper Enrollment) © 2007 Removed. All rights reserved. Smith Co.
23 HSA Product– Future Features Integration with other Ceridian service offerings H&W Multiple enrollment options EDT / Spreadsheet Debit card ATM withdrawals Plan stacking with LPFSA Decision support tools HSA Calculator Employee post-tax contributions by ACH © 2007 Removed. All rights reserved. Smith Co.
24 HSA Product - Ceridians Advantage Health plan agnostic – our HSA not tied to a specific health insurance carrier which provides employer flexibility Competitive investment thresholds Competitive Pricing - No hidden fees Future one stop shopping – single experience for most CDHC benefits including HFSA, DFSA, LPFSA, and HSA Multi purse debit card will help consumers manage health care spend with payment hierarchy (i.e., stacking) Future - Integration with H&W platform © 2007 Removed. All rights reserved. Smith Co.
25 Plan Design ($1000 Threshold) Implementation Fee$ One Time Set Up Fee Per Account $15.00 PPPM$3.75 Account Closure Fee (Charged to participant) $20.00 HSA Pricing Model © 2007 Removed. All rights reserved. Smith Co.
26 Vanilla HSA Project Timeline DecemberJanuary March February Vanilla HSA Project Kickoff Conduct Sales Training Refine Service Delivery Model Conduct BU Training April Vanilla HSA Go Live Finalize SOPs & Other Documentation Vanilla HSA Start Sell May © 2007 Removed. All rights reserved. Smith Co.
27 Vanilla HSA Recap Competitive Functionality – The HSA service offering will provide basic feature functionality with specific competitive features Client Retention – HSA product will allow us to retain existing and prospective Reimbursement Services customers that we are currently losing today Familiar Service Delivery – HSA service delivery model will be similar in setup to other benefit product offerings today, with the exception of services for consumers terminated from their employers © 2007 Removed. All rights reserved. Smith Co.
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