BUSINESS HSA

BusinessHSA provides a solution to employers who want to provide assistance to their employees in paying for healthcare expenses and saving money for the future. BusinessHSA gives employers control over their expenses and is easy to manage.

How to Establish a BusinessHSA

Employers:
  • Open a company account online
  • Decide contribution amount for employees
Employees:
  • Find the health insurance plan they want and apply online
  • Open a Health Savings Account

Why Choose Business HSA

For Employers:
  • Gives you control of your expenses for predictable budgeting
  • Pre-tax benefits from contributions
  • Access to free, online portal to manage your account
  For Employees:
  • Freedom to choose the best health plan for their needs
  • Receive pre-tax contributions to help pay for healthcare expenses
  • Use contribution to help pay for qualified medical expenses

Get a quote for an HSA-eligible Insurance Plan

Give your employees the freedom to apply for the quality HSA-eligible health insurance plans that best meet their needs. Here are some of the companies who offer HSA-eligible health insurance. Employees will need to get quotes to check the availability in their area.

Golden Rule

Humana

CareFirst BlueCross BlueShield

Blue Cross and Blue Shield of Texas, A Division OF Health Care Service Corporation

Aetna

Kaiser Permanente of CA

Blue Shield of California

UNICARE

Anthem Blue Cross and Blue Shield

BlueCross BlueShield of Illinois

Celtic Ins. Co.

Regence BlueShield is an independent licensee of the Blue Cross and Blue Shield Association.

What is a Business HSA?

A Business HSA is a way for employers to assist employees with healthcare costs at a level they can afford. Employees purchase their own health insurance plans and open Health Savings Accounts. Employers contribute pre-tax dollars which may be used to pay for qualified medical expenses or saved for the future.

For Employers

To create a Business HSA program, employers must open a Business HSA account with PrimeWest and set their desired contribution levels for employees. Through our online portal, employers can easily add or remove future employees, adjust contribution levels, and make automatic contributions to their employees' Health Savings Accounts.

For Employees

To participate in a Business HSA program, employees must apply and be approved for coverage under an HSA-eligible health insurance plan. They must also open a Health Savings Account. The PrimeWest Business HSA program provides employees with an online resource to shop for HSA-eligible insurance plans, establish their own Health Savings Accounts, and track contributions and expenses.

How does a business HSA work?

Business HSAs allow employers to help employees with healthcare expenses without sponsoring a group health insurance plan. To participate in the Business HSA, employees must apply and be approved for coverage under an HSA-eligible health insurance plan, and must open a Health Savings Account. Funds contributed to the employee's Health Savings Account may be used by the employee to pay for qualified healthcare expenses on a tax-free basis, or invested and saved for the future.

The PrimeWest Business HSA provides employers with an online enrollment center for their employees to shop for HSA-eligible insurance plans, establish their own Health Savings Accounts, and manage their own contributions and healthcare expenses.

In addition, the PrimeWest Business HSA gives employers a Business HSA Management Portal to add and remove future employees, adjust employer contribution levels, and even use automatic payroll integration with major vendors to simplify employer contributions.

By creating a Business HSA with PrimeWest, employers encourage their employees to purchase health insurance protection on their own while helping them with the high costs associated with healthcare today.

How does a health savings account work?

A Health Savings Account is a savings account designed to help consumers save and pay for their healthcare expenses on a tax-advantaged basis. Funds can be deposited by consumers into the account on a tax-free basis and may be withdrawn without tax consequences to pay for qualified medical expenses. Employers may also deposit money into an employee's Health Savings Account on a tax-free basis. Funds in the account may be invested and earnings will not be taxed, and unused money will roll over from year to year.

Health Savings Accounts may only be used in conjunction with HSA-eligible health insurance plans. These health plans typically have lower monthly premiums and higher deductibles than other types of health insurance plans. Funds from the Health Savings Account may be used to pay for qualified healthcare expenses accruing toward the deductible. Once the deductible is met, coverage under the HSA-eligible health plan pays for covered expenses (subject to co-payments) for the remainder of the year.

Health Savings Accounts, used in combination with HSA-eligible health insurance plans, give consumers control over how their healthcare dollars are spent, and provide a valuable means of saving and investing for healthcare needs and for retirement.

How do I explain a business HSA to my employees?

  • Your employees may not understand the benefits of BusinessHSA or the differences between BusinessHSA and traditional group health insurance. Here are a few key point to communicate.
  • The Business HSA allows employees the freedom to apply for the health insurance plan that best suits their needs and budget.
  • Through employer contributions to an employee's Health Savings Account, a Business HSA empowers employees to manage their own healthcare dollars.
  • While an HSA-eligible health insurance plan will require the employee to fulfill an annual deductible before coverage kicks in, expenses paid toward the deductible may be paid out of the employee's Health Savings Account, and leftover funds may be saved and grow from year to year. In case of a serious injury or accident, the HSA-eligible health plan will be there to cover medical bills beyond the deductible.
  • By participating in a BusinessHSA program, employees can find affordable HSA-eligible health insurance plans and have the option to save money for the future through a tax-advantaged savings account.