With all the “free” HSA bank accounts out there, you might wonder why paid administration is even a “thing.” Well, HSAs are complicated programs that require oversight and education. Failure to comply can result in penalties and lack of education could decrease participation in a valuable savings tool.
No-brainer reasons to use SBA as an HSA Administrator over a “free” bank:
- SBA will help monitor the complex HSA eligibility rules.
- SBA offers a smart HSA debit card that works only at providers with a healthcare code assigned to them. The card won’t work at non-healthcare locations.
- SBA provides ongoing drip education and reminders to HSA participants.
- Participants have access to a mobile app and ClaimsVault technology for tracking and reimbursing expenses.
- Participants have a variety of mutual fund investment options.
- SBA will fix contribution errors. They happen all the time.
- SBA can bill the client or the participant the monthly fee.
- Employers and participants can call SBA and get questions answered by a knowledgeable person.
With all the complexities of HSAs, don’t let the “free” bank cost you or your clients. Contact us for an HSA administration quote today!