Presentation on theme: "Prepared for ABC Company"— Presentation transcript:
1 Prepared for ABC Company TASC HSA PresentationPrepared forABC Company
2 Presenters 1 Stop Benefits, Inc. Designers of 21st Century HealthcareDefined Contribution PlanWrap Supplement with High Deductible PlansMotivate employee InvolvementThe One Stop Benefits ExchangeNo Participation or Employer ContributionsHands Free AdministrationOver 21 Concepts To Reduce Employee Benefit CostsCall US Today Click Here
4 Introduction to TASC National Third-Party Administrator Established in 1975Serving Mid-Large Market OrganizationsFortune 500 companiesPrivate and public entitiesState, county, and city governmentHeadquarters in Madison, WIOver 450 Employees Nationwide
5 Corporate Philosophy Our Mission Our Vision To work as a team to contribute to our customers’ financial success with innovative services, worthwhile educational opportunities, and excellence in customer service.Our VisionTo be recognized as the national leader in all our product lines, to control our own destiny.
9 HSA DefinedA Health Savings Account (HSA) is a tax-advantaged savings account that is used in conjunction with a High Deductible Health Plan (HDHP).Full Service HSA Plan (complete administration)Limited Service HSA Plan (separate custodial account by employee)Plan Only HSA (Plan compliance only)Tax-free payroll contributions are made by the eligible employee, their employer, or both.Employees use the HSA to cover qualified medical expensesFastest growing employee benefit program.
10 TASC HSA Full Service HSA Plan Offered in conjunction with our Section 125 Cafeteria Plans:FlexSystem Healthcare FSA, orFlexSystem Premium Only Plan (POP)Provides Complete AdministrationCustodian for Investment AccountsIntegrated InvestmentsConvenient Service FeaturesCompliance Services
11 How it WorksEmployee enrolls in the TASC HSA Plan online and sets-up a custodial account for their contributions.Financial Institution: Healthcare Bank, a division of State Bank & Trust.Pre-tax contributed funds are deposited into the account.Employee receives a Benefits Debit Card.When a qualified expense is incurred, the employee simply requests a distribution for the expense from the account.TASC HSA websiteTelephone
12 Solutions for Employers Add depth and flexibility to your employee health benefits and retirement plans with secure, FDIC-insured financial accounts.Save money on health insurance premiums by offering HSAs along with high deductible health plans.Free up Human Resources staff with secure and easy to use online, self-service portals you and your employees can use 24/7/365.Promote healthier lifestyle choices through increased employee involvement and use of 100% covered preventative care.Go Green with paperless online claims, direct deposit reimbursement, and electronic statements.
13 Solutions for Employees Offset rising healthcare costs with tax-free funds.Plan for future health expenses with tax-free investment accounts that grow year over year—no “use-it-or-lose-it” annual requirement.Easily monitor health spending with secure online account access.Plan for retirement—after age 65, participants can use HSA funds for non-qualifying expenses.HSAs offer a triple tax savings for employees!Federal tax deductions on contributionsTax-free growth on invested fundsTax-free withdrawals for qualified medical expenses
14 Easy Consumer Benefits No minimum balanceFDIC insured cash and interest bearing accountAttractive investmentsIndustry leading mutual fundsNo fees for tradesConvenient self-service 24x7Intuitive Consumer PortalOnline enrollmentSingle sign-on to investmentsSeamless, flexible fund accessIntegrated debit card, online access to accountsAutomatic, intuitive 2-way sweep
16 Integrated Investments AutomaticSweepAutomaticPortfolio RebalancingPowerfulFeaturesIntegrated ResourcesThe next couple slides are features that show well with prospects -First off - Investments are an integrated part of the HSA offering .Consumers can directly access their investments through a single sign on from the Consumer Portal. You can link directly into your investment account without another user Id and password to remember.The portal makes it easy for consumers to manage their investments. Tools like Automatic Sweeps and Automatic Portfolio Rebalancing allow consumers to set up their preferences once and forget it about.And there are no separate transaction fees.HSA deposits held by HealthcareBankSystem of record for the investment balance, which is recorded dailySchwab investment platform and Fidelity trading servicesRemains largely invisible as the custodian of HSA depositsParticipants Capabilities:Choose between various investment options:Interest bearing account (default)Additional mutual fund investment optionsAutomatically sweep funds between cash and investment accounts (both directions)16
17 Sample Investmentsfor illustration purposes only
18 Financial Institution State Bank & Trust is the designated custodian of the TASC HSA Plan.Quality Investment Management Services for your employees:Experienced and stable investment team and operational support.Superior risk management.Full access to investment, administrative, compliance and planning professionals.Diverse pool of investment resources and research capabilities.Online access and performance reports.Total transparency into portfolio holdings.All performance reports are for actual returns received by clients. No “model” based performance reporting.A recommended list of investment options is available by request.
20 Functionality and Reliability Web Site Portal: allows 24/7/365 access to Plan information.Multiple Contribution Methods: employers can choose the best method for making contributions to employees’ accounts using automated scheduling of lump sum, first of the month, or payroll cycle contributions; mid-year enrollments are easily handled.Monthly Reports: generated automatically with alerts directing recipients to secure portals for viewing—creating a virtually paper-free administration process.Multiple Top-Rated Investment Options: maximizes the future value of the funds; no fees for trades.Convenient Account Management Tools for Employees:Easy Online Enrollment: employees establish their TASC HSA account online, along with setting up their direct deposit and investment accounts.Online Bill Pay: employees have direct access to account funds through online distribution requests; sent to employees via direct deposit or mailed check.Benefits Debit Card: employees receive a Visa® debit card for eligible HSA purchases.Mobile App: free download available for any time account access from a mobile device.
21 TASC HSA Website Portal Secure, easy-to-use web portal24/7/365 Online Account Access for TASC HSA Participants and EmployersOnline enrollmentOnline account managementhttps://tascparticipant.lh1ondemand.com/
22 Easy Online Enrollment Elect Annual ContributionEstablish Investment AccountsSet up Direct Deposit
23 Online Account Management Review account details and balanceRequest distributionsUpdate addressesChange payroll deduction electionsView statementsChange beneficiariesAllocate funds into an array of mutual funds using convenient online portalsResources for Investment AccountsGuidanceCalculatorsFAQsRate of Returnand more
24 Online Bill Pay HSA eContribute Consumers may update their reimbursement and distribution payment methods at any time during the plan year—not just at enrollment.Consumers may choose to have contributions set up from more than one bank accountHSA eContributeConsumers may send payment directly to the parties who need payment. Request check to reimburse themselves.Convenience and access to funds are always a big concern for consumers and ers– the on-line bill pay functionality allows consumers easy access their HSA funds and puts them in charge of directing where and when payments are made.Along with the ability to set up new bank accounts to draw contributions and direct distributions at any time of the year.24
25 Benefits Debit CardEliminates out-of-pocket purchases and reimbursements by allowing participants to pay for eligible HSA expenses at the point-of-purchase.Mailed to participants after Plan enrollment.One additional card for a dependent or spouse at no charge.Works as a debit card drawing from available HSA funds.*Participants should refer to the list of eligible and ineligible expenses as defined by the IRS, available in the TASC HSA Enrollment Kit.
26 Mobile App for Employees Free download for Apple® and Android mobile devicesAccess available balances and important datesfrom anywhere at any time!Simple log-in
27 HSA Reports: Employer/Consumer Report NameDescriptionUsage TipHSA Contribution NotificationEmployer notification sent prior to contributions being postedEmployer to review current posting and provide adjustments if necessaryHSA Funding Collection NotificationEmployer notification that matches the amount withdrawn from their bank accountFunding receipt; employer bank account reconciliationHSA Mid-Year Election NotificationEmployer notification containing consumer mid-year enrollment and election changesEmployer to update payroll system27
29 Plan Implementation Assigned Implementation Team at TASC. Employer completes a Plan Application and Service Agreement.Employer receives a simple “Set-Up Kit”.
30 Plan ManagementPlan Funding: TASC HSA is funded by employee and employer contributions (pre-tax).Reimbursements: TASC HSA Participants may request a distribution for an eligible expense any time at the TASC HSA website. They also have the option of using their Benefits Debit Card to directly access account funds.Account Reporting: Clients have access to TASC HSA online 24/7 where Plan design, funding, and account information may be accessed.
31 Compliance Services Included with TASC HSA Administration: Plan design consultation and reviewHSA language provided for your Section 125 Plan Document and Summary Plan Description (SPD)Non-discrimination testing for Section 125 Cafeteria Plan with TASC HSA.
32 Why TASC? National Presence Over 35 Years of Experience Track Record of Excellent Customer ServiceInnovative Service OfferingsService Transparency and AccountabilityMultiple Distribution/Service ChannelsFast, Reliable, and Accessible Administration