How Does It Work
You and your employer can contribute tax-free dollars into your HSA throughout the year up to the annual individual or family limit set by the IRS. The funds in the HSA can be used to pay for your out-of-pocket medical expenses.
Once you enroll into the HSA, an account will be created for you at Avidia Bank and you will be given access to a secure, easy-to-use web portal. Through this portal you can track your account balance, view your investment accounts, and submit requests for reimbursement.
Youll also receive Navia Benefits Card that you can use to pay for qualified medical expenses!
What Makes An Hsa Program Successful
Designing a plan to encourage participation is critical to success. Click below for Avidias plan design recommendations and examples that can maximize your enrollment potential.
Premium costs of HSA-compatible plans are typically lower than traditional plans however, with the lower cost is a higher deductible. Here are a few things you can do to ease the transition to your HSA program:
- Offer to pay a higher percentage of the premium
- Provide two HSA-compatible plan deductible levels
- Contribute to your employees HSAs
Education & Communication
Education is a key component to a successful rollout and acceptance rate.
- Begin your communication early, well before enrollment begins
- Educate your employees and their spouse
Program Design Examples
Premium concerns – for employees who place a high value on low premium costs:
- Pay 80-100% of employee premiums towards an HSA-compatible health plan
- Offer several deductible options to ease the transition to HSA plans
Deductible concerns – for employees that are concerned about high deductibles:
- Contribute 50-100% of the deductible to the HSA
Combination – for employees that value low premium costs and are concerned about high deductibles:
- Pay 75-100% of employee premiums towards an HSA-compatible health plan
- Contribute 30-60% of the deductible to the HSA
Investment Products And Services
Our representatives work with LPL Financial to give you access to a broad range of financial products and services. Some popular choices include:
- Financial and estate planning
- Education planning and 529 plans
- Insurance products
- Professional asset management
- Trust services The Private Trust Company N.A., an affiliate of LPL Financial
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How Do I Invest Funds In Avidia Hsa Portal
You can invest HSA funds for Avidia by opening the Health Savings Account app and choosing the Go to Avidia Bank button.
Once in the HSA portal, go to the My Accounts tab, and choose Benefit Account Summary from the dropdown.
Then, click Investment to complete your investment account application or manage your existing investment account.
You will be able to review your HSA balance and manage transfers between your HSA and your investment account. You will need a minimum balance of $1000 in your HSA before you can start investing.
There is a monthly investment fee of $ 2.50. This amount is debited directly from your investment account.
For a list of HSA investment options, see here.
Transfer Investment Account Funds To Your Hsa Cash Account
Your Devenir Investment Account funds can be transferred to you HSA cash account as needed. Mutual funds will be liquidated on a proportional basis according to your fund allocation percentages within your respective mutual funds, pro rata.
Note: It takes 1-2 business days for your requested funds to be available in your HSA cash account.
SECURITIES AND INVESTMENTS
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Introduction To Hsa Investments
Who: Those who have an HSA account balance over $1,000. The available balance must stay above $1,000 in order to invest if it falls below $1,000 at any point, the participant must bring the available balance back to $1,000 before being able to contribute more money to investments.
What: There are two types of balances, available and portfolio. The available balance is the funds that can be accessed through the card or bill pay to pay a health provider. The portfolio balance is the funds that are being invested.
Where: Through the online portal, participants can manage their investment funds on a third-party website Devenir.
Why: The potential to build more savings through investing. Members can choose from a variety of self-directed investment options with no minimum portfolio balance required.
How: Please allow 3-5 business days for the Investment transfer to process.
Once you are enrolled, there is a $2.50 monthly investment fee from Devenir. If you maintain a monthly average of $3,000 or more in your HSA, the fee will be waived ONLY for Avidia Bank.
A participant begins by logging into their Rocky Mountain Reserve account and clicking on “HSA,” then “Account Summary,” then “Investments,” and they will see this page:
This page will breakdown the investment funds into their varying allocation. In order to manage these funds, the participant will click on “View/Trade” to prompt a website change.
Devenir Hsa Newsletter: November 2020
to Devenirs monthly newsletter and stay up to date with the latest HSA news! Each month Devenir highlights a selection of articles to keep you abreast of the latest trends and developments in the HSA marketplace.
A summary of the articles included in the November 2020 edition:
- Reasons to Sign Up for a Health Savings Account
- KFF: 2020 Employer Health Benefits Survey HDHPs with Savings Option
- Machine Learning HSA Personas Reveal Industrys Over-Generalization of Consumer Needs
- Vive and Avidia Bank Expand Their Partnership
- Alegeus Survey: Consumers Primed for HSA Education
- Assessing the Top HSA Providers for Spending and Investing
Reasons to Sign Up for a Health Savings Account
The money grows tax free, and can act as a sort of 401 for future health needs if invested. But just 6 percent of account holders do invest the savings. If youre eligible for a health savings account, now may be a good time to open one.
KFF: 2020 Employer Health Benefits Survey HDHPs with Savings Option
This Kaiser Family Foundation annual survey of employers provides a detailed look at trends in employer-sponsored health coverage, including premiums, employee contributions, cost-sharing provisions, offer rates, wellness programs, and employer practices. The 2020 survey included 1,765 interviews with non-federal public and private firms.
Machine Learning HSA Personas Reveal Industrys Over-Generalization of Consumer Needs
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The Value For Employers
Since contributions to HSAs are taken out pre-tax, no payroll taxes are due on the amounts employees contribute to the HSA.
Helping employees save money on their everyday medical expenses can aid in employee retention and recruitment. Employers can also make contributions to the HSA to encourage adoption.
The Ameriflex Client Relationship Team is eager to answer questions and provide assistance. Our Net Promoter Score far exceeds the healthcare average.
30+ Investment Options
An Ameriflex HSA provides participants more options to maximize their financial savings and growth. Participants can choose to invest a portion of their HSA funds in a variety of 30+ mutual funds.
No Hidden Fees
We dont believe participants should have to pay extra fees to reach their full savings potential. By eliminating hidden fees, participants keep more of their hard-earned money for current and future health needs.
$1,000 Investment Threshold
While many HSA administrators require a $2,000+ account balance before funds can be invested, Ameriflex has a modest $1,000 investment balance requirement, allowing participants to invest their money faster.
The annual HSA contribution limits are subject to inflation each year. Catch-up contributions can be made by individuals 55 or older in addition to the annual contribution limit.
Hsa Consulting Services And Avidia Bank Release Study Projecting Coming Wave Of Hsa Investment Growth
The analysis found that while the ability to invest funds inside an HSA for long-term tax-free growth has long been available, many HSA owners do not even know it exists and only use their accounts for current medical spending. Growing HSA balances and renewed interest in the concept by investment advisors is likely to bring rapid growth to HSA investing.
Over the past six months, every new group or broker that I encounter has inquired if Avidia offers investment options for our HSA program, says Lynda Westbrook, Vice President of Avidia Banks Healthcare Solutions business. They tell me that the groups President, CEO or HR Director wants it and that their employees are asking as well.
Todd Berkley, President of HSA Consulting Services, LLC, the studys author, projects that HSA investments are likely to quadruple every 3 years on their way from $3B now to $12B in 2017 and $40B in 2020. The factors are all in place for investments within HSAs to go from a hidden gem to a primary driver of HSA growth as financial advisors start taking an active role in promotion of HSAs, Berkley said.
About Avidia Bank HSA
*Free of transaction and service fees
About HSA Consulting Services, LLC
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The Value For Employees
Every dollar an employee contributes to an HSA lowers their taxable income, funds grow tax-free, and withdrawals for qualified expenses are tax-free.
Its a personal savings account owned by the employee. They can keep it even if they change jobs or retire. Employees receive an Ameriflex Debit Mastercard® linked to their HSA that can be used for eligible purchases everywhere Mastercard® is accepted.
Employees can save and invest their funds with over 30 investment options. HSA funds roll over year to year, allowing long-term growth if there are no immediate spending needs.
Transfer Hsa Funds To Investment Account
Log into your account and click on the “Manage Investments” button.
Select “Transfer to Investments” from the submenu.
Follow the on-screen instructions to move funds from your HSA cash account to your Devenir investment account.
You will receive an email confirming that your HSA cash account funds have been successfully moved to your Devenir investment account.
Note: If you transfer cash to your self-directed investment account prior to selecting your mutual fund elections, your cash will default to the Money Market Fund.
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How Do I Access My Hsa Funds
There are two ways you can access your HSA:
1.The Navia Benefits Card
The Navia Benefits Card is loaded with your HSA dollars and can be used to pay for eligible expenses. When the card is used, the funds will be pulled directly from your HSA and paid to the provider. For more information on the Navia Benefits card,
For any purchases that werent made using the Navia Benefits Card, you may request a reimbursement online. The reimbursement can be direct deposited to your personal bank account or a check can be made payable to you or the service provider.