HSA. Administration overview
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1 HSA Administration overview
2 2 Navia Benefit Solutions Navia Benefit Solutions (Navia) was founded in 1990 by Jim and Stan Aitken. What began as a thirdparty administration firm for flexible spending accounts (FSA s) has since grown to be considered one of the premier administrators on the West Coast with a national reach across all 50 states. Our administration has expanded to include the full scope of tax advantaged plans including HRAs, Transportation plans and HSAs as well as employer level services like consolidated billing, COBRA and nondiscrimination testing for group plans. We have achieved success by offering the highest level of customer service, administration and expertise to every business partner and participant. HSA overview Health Savings Accounts (HSAs) combine a High Deductible Health insurance Plan (HDHP) with a taxexempt trust or custodial account to pay for qualified medical expenses. The HSA is an individual health account that is owned by the employee and may be used for the payment of medical expenses that are not covered by their HDHP, including expenses that go towards satisfying the deductible. Individuals or employers may contribute on a pre-tax or post-tax basis. Pre-tax funds used for eligible healthcare expenses are tax-free to the account holder. An HSA is similar to an Individual Retirement Account (IRA) in that the participant owns it and directs the investments. Balances in the HSA continue to accumulate in the account. Funding options include pre-tax contributions via payroll deduction or post-tax contributions via check or electronic funds transfer. The HSA must be combined with an HDHP, which covers serious illness or injury, while the HSA can pay for medical expenses until the deductibles are met. HSA Benefits Employers can implement an HSA plan as part of their benefits strategy and give employees access to a valuable long-term tax-advantaged benefit. HSAs offer unique advantages over other tax-advantaged accounts. Tax-advantaged Contributions are tax-free, gains on invested funds accumulate tax-free, and distributions are tax-free when used to pay for qualified medical expenses. HSAs are the most tax-advantaged account in the marketplace today. Flexible Funds can be used for non-medical expenses but they are subject to a 20% penalty, except when an individual is 65 or older, disabled or died during the year. At age 65, any remaining HSA funds can be withdrawn for non-medical reasons without penalty; ordinary income tax will be charged on the money withdrawn for non-medical reasons. Portable The remaining balance rolls over from year to year with no use it or lose it requirement; accounts move with employees even if they change employment or retire. A solution for future health needs Unused contributions accumulate and can be saved and used for future medical expenses. For example, unused funds can be used to pay Medicare premiums in retirement or premiums for Long Term Care insurance.
3 3 Administrative overview The following is a proposed outline of how Navia Benefit Solutions (Navia) administers various aspects of our HSA services. Each section contains a detailed explanation of the process/area along with a visual flow chart showing the relationship of the parties and work involved. Implementation / Enrollment The first step in implementing an HSA plan is to complete a brief application to establish the client s plan design. A member of our implementation team will assist in completing the application. Once the application is received, all plan forms, documents and communications are created and sent to the employer contacts. Navia will work with the client to determine the most effective communication and enrollment strategy. This includes using any existing practices and to supplement them with best practices used by Navia to ensure a successful enrollment. Most of our clients use a traditional materialsbased enrollment strategy coupled with on-site meetings and/or live webinars. Once implemented, the client will provide Navia with a basic census file of all HSA eligible employees. The file is uploaded to our site and provisional online accounts are created for all HSA eligible employees. Employees must register their online account and will enroll for their HSA through the Navia Web site. Once enrolled, confirmation materials are mailed to the participant by our custodial bank within days of opening the HSA. The client may review payroll deduction information on our employer HSA portal.
4 4 Customer Service/ Communication As a third party administrator for over 20 years, we understand that communicating and promoting a benefit effectively is a key to ensuring a successful enrollment and high degree of participant satisfaction. Our enrollment materials are designed to optimize participation by promoting tax-favored benefits and explaining how the Navia Benefits MasterCard makes it easy for the member to manage their HSA. Our research shows that availability of cards influences enrollment in almost 2/3 of participants. The HSA program is designed to provide many self-service features for you and your employees. When questions and issues arise, Navia will provide responsive customer support from Monday through Friday, 6:00am to 6:00pm, PT. Distinguished service feature Webinars Navia can establish a webinar or teleconference schedule for the client during open enrollment. This additional platform lets employees attend an educational webinar on their own schedule and helps increase awareness and participation. Each webinar is approximately 20 minutes long with a Q & A session to follow. Our experience is that adding a webinar has increased employee participation and helps with the transition between different TPAs.
5 5 Account Funding Funding the employee HSAs is a two-step process consisting of (1) contribution reporting and (2) account funding. Navia has worked to develop a streamlined method to facilitate account funding. Reporting the HSA contributions can be done through the online employer portal (employer-directed) or through an automated posting method based on the original employee HSA election (automated). Employer-Directed Contributions The client uploads an HSA payroll contribution file to the employer portal on a per pay date basis. The file is uploaded, validated and the HSA contributions are queued to be credited to the accountholders. The HSA contributions will not be credited to the individual accounts until the funds are physically received by the HSA custodial bank. Automated Contributions The HSA contributions are automatically queued to be credited to the accountholders on a per pay date basis. The client s plan contacts have an opportunity to edit the accountholder s expected contribution before the scheduled pay date, but cannot make any changes after the deadline has passed. Once the deadline for changes has passed, the HSA contributions are locked and the funding process is initiated. HSA Account Funding Once the HSA contribution amounts are reported to Navia or have been automatically queued, the HSA contributions are debited from the client s designated bank account the following business day. Once the funds are received by the HSA custodial bank, the HSA contributions are posted to the accounts and available for distribution.
6 6 Reporting & Notifications Our HSA platform provides for a variety of plan reports and notifications to the client. Depending on the plan design, the client will automatically receive a variety of notifications, including: HSA Mid-Year Election Notification is sent to employers when an employee enrolls in an HSA outside of the initial enrollment period. HSA Participant Features Employees can review their account details, request distributions, submit post-tax contributions from personal bank account, view statements and tax documents, and allocate funds into an array of investment options using a single convenient online portal available 24/7. Here are some highlights: Contributions HSA participants can make online requests to have contributions made into their HSA from their personal bank account(s). This contribution reporting is independent of the payroll deduction reporting and funding facilitated through payroll. Distributions HSA participants will access their accounts through their Navia online participant portal. Each accountholder will receive a confirmation mailing from the custodial bank along with their Navia Benefits Card. The Navia Benefits Card is a consumer debit card that is tied to their HSA balance. The card is designed to work only at merchants that provide HSA eligible services. In addition to the Navia Benefits Card, accountholders can request distributions through the following: Direct deposit Mailed check Online bill payment to a third part
7 7 Investments The employee has convenient access to investments via single sign-on from their HSA account. Employees can optionally choose to have an investment account and set the asset allocation of their choosing. Investment information may be accessed by employees online anytime for balance look-up, transfers, investment prospectuses and fund summary documentation. Employees have the ability to run summary reports and view their investment detail for each transaction which includes the date, amount, fund name, units and price for the previous 365 days. (800)
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