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Health Savings Account

A Health Savings Account (HSA) is a tax-advantaged savings account that is used in combination with a High Deductible Health Plan (HDHP) to offer employees a new way to manage their healthcare.

Since 2003, these Plans have been the fastest growing employee benefit. Why the popularity? Simply put, HSAs make good sense. Besides helping employers reduce their health insurance costs, when HSAs are in place, employers add depth to their employee benefits and keep more money in their pockets. More and more employers are choosing this consumer driven healthcare account to empower their employees.

Why Offer an HSA?

  • With HSAs, both employers and employees make payroll contributions to pay for future eligible medical expenses. Contributed funds are tax-free to employees and tax deductible for employers.
  • HSAs offer consumers triple tax savings!
  • Federal tax deductions on contributions
  • Tax-free growth on invested funds
  • Tax-free withdrawals for qualified medical expenses

For employers, an HSA creates tax savings! Hidden fees and risks associated with the reimbursement process are eliminated. Furthermore, through a High Deductible Plan, employers can reduce health insurance costs. With an HSA, employers have the ability to provide employees with more control over their healthcare.

The SHN Difference:
With SHN, employers can fight rising health insurance costs, promote healthy lifestyles, and offer greater depth and flexibility in their benefits packages! These three concerns are priorities for our HSA Plan, a full-service solution that provides comprehensive administration, compliance, and investment management services.

Enrolled employees enjoy the ease and control of managing their HSA and funds with secure online access 24/7/365 through our HSA website. We offer fast reimbursements, easy access to funds, and integrated resources to help employees/participants manage their HSA and investment account(s).

Our industry leading solution provides these powerful features:

  • Multiple Contribution Methods: employers choose the best method for making contributions to employee 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 email alerts directing recipients to secure portals for viewing—creating a virtually paper-free administration process.
  • Web-Based, Fully Integrated Portals: allow 24/7/365 access to account information
    Employee Education Materials: Includes full color booklet as well as a DVD explaining benefits and how the plans work

  • Easy Online Bill Pay: online distribution requests give employees direct access to their funds; sent to employees via direct deposit or mailed check.
  • Robust Online Tools for Account Management.

SHN also provides the following services:

  • Establishment of your Plan(s) on SHN’s specialized software
  • Employee assistance and Communication Kits
  • Online and toll free support
  • Plan Document/Summary Plan Description
  • Complete administrative assistance
  • COBRA Administration
  • Direct deposit set-up
  • Adding/changing/terminating employees
  • Annual Section 125 non-discrimination testing
  • Newsletters and technical bulletins
  • Audit Guarantee

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Flexible Spending Account
A Flexible Spending Account (FSA) is an IRS Code Section 125 Cafeteria Plan. Through an FSA, participants are able to set aside funds on a pre-tax basis each year into the FSA and access the funds to pay for qualified healthcare and/or dependent care expenses. The contribution amount is deducted from the employee’s paycheck each pay period, in equal installments throughout the year. Every dollar in the FSA means more tax-free, spendable income.

FSAs offer great benefits!

  • Employees enjoy federal tax deductions on contributions and tax-free reimbursements on qualified expenses
  • Employers are able to stack FSAs with HRA and HSA accounts and customize them to meet their needs. They are able to manage all the accounts in one easy to use portal

Why choose SHN?
At SHN we offer easy-to use solutions backed by the highest level of service. We offer our clients cloud based computing solutions that are designed to provide functionality, reliability and integration. We take the worry out of offering consumer-driven healthcare accounts. We support you with the highest level of IT expertise and we are constantly adding new features to our software. Our FSA solutions provide simple and consumer-friendly online forms, reports and secure, self-service portals that are aimed at delivering high consumer and employer satisfaction.

How our FSA helps employers:

  • Save money with lower insurance premiums for employees by choosing a high-deductible health plan
  • Free up your Human Resources staff with a user-friendly portal to answer all employee questions
  • Save administrative time by using a solution that offers the ability to accept changes from a payroll system
  • Offer your employees flexible options with the ability to combine our FSA account with an HRA or HSA
  • Offer an employer contribution amount and dependent care options to your employees
  • Customize your eligible expenses and alter plan rules for those employees who lose eligibility
  • Increase employee satisfaction by offering an FSA solution that allows employees to put aside funds and incurs tax savings and lower healthcare costs.
  • Hassel-free payment and claims processing and a grace period that can be customized for your accounts, allowing employees to submit claims after the plan ends

How our FSA helps employees:

  • -Benefit from significant tax savings with pre-tax deductible contributions and tax-free reimbursement for qualified expenses.
  • Quickly and easily access funds using a debit card provided by SHN at the point of sale or have the option of direct depositing the funds in your bank account
  • Easy and secure access to accounts using the convenient Consumer Portal that is available 24/7/365
  • File claims online easily with our guided submission system and auto approval based on eligibility and availability of funds
  • Convenient access to account balances and actions required through our automated email alerts, reminders and portal home messages
  • Simple and easy one-click answers to benefit questions
 
Your Out-of-Pocket Cost
Net Cost to You
Tax Savings
with the FSA
Deductibles
(2 adults, 2 children)
$2,000
$1,400
$600
Prescription
Co-payments
$360
$252
$108
Doctor’s
Co-payments
$480
$336
$144
Orthodontia
$2,500
$1,750
$750
Eligible Over-the-Counter items
$750
$525
$225

download FSA brochure pdf

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Health Reimbursement Account
Health Reimbursement Accounts (HRA) are employer-funded plans that reimburse employees for incurred medical expenses that are not covered by the company’s insurance plan. Because the employer funds the HRA, they incur tax benefits because the distributions are tax deductible to the employer. In general, reimbursement dollars received by the employee are tax free. Any unused HRA dollars are able to be rolled over from year to year, giving a potential incentive to employee to be more careful about their healthcare spending. If the employer terminates the employee, the employer can keep the unused funds.

Why choose SHN to administer your HRA?

  • Innovative, customizable HRA solution that integrates into a broad integrated payment network with current provider processes
  • Ability to administer many different HRA solutions, including those with a deductible, co-insurance, co-payment and any combination of these options
  • Option to administer an HRA along with an FSA and HSA on the same platform, reducing administrative costs and offering flexible and worry-free service
    An SHN HRA offers
  • Any time, any place access to online account information for election changes and 24/7/365 availability
  • The option to customize your HRA with a debit card, allowing consumers to have access to funds directly at point of sale
  • More than 1,200 different plan designs and an expert plan design consultant who helps to customize the plan based on the employers needs
  • A flexible fee structure

SHN HRA – Benefits to Employers:

  • Save money with lower insurance premiums for employees with a high deductible health plan
  • Free up your Human Resources staff with a centralized portal for employee questions
  • Save administrative time and money with an HRA solution that is able to accept plan changes easily from a payroll system and handles all HRA plan designs, including deductible, coinsurance and copayment design options
  • Offer flexible benefit options capable of meeting all employee needs, with the option to stack FSA and HSA to cover more expenses
  • Offer an employer contribution amount in annual, monthly or a customized accruals
  • Easily customize eligible expenses, deductible and reimbursement amounts per each employee or family member
  • Alter plan rules when employees lose eligibility
  • Vary contribution amounts based on employee tiers
  • Easy, single employer portal with cloud based access
  • Option to “Go Green” with direct deposits and cut down on manual, paper-based claims processing
  • Promote healthier employees with increased employee involvement and 100% covered preventative care
  • Save money on FICA taxes by offering HRA solution to employees

SHN HRA – Benefits to Employees:

  • Ensure availability of funds with automatic transfers between investment and cash accounts
  • Easily access your funds with a debit card used at the point of sale or have your funds directly deposited into your bank account
  • Enjoy easy and secure access to your reimbursement accounts through our convenient consumer portal, available 24/7/365
  • File a claim online with our system guiding you step by step and determining eligibility and approval based on funds availability
  • Dedicated customer service team available for benefit questions and account concerns
  • Quickly answer your questions with our one-click answers
  • “Go Green” by enrolling in our paperless statements, utilizing our debit card, submitting claims through the consumer portal and accessing your account online

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