Atlantic Health Federal Credit Union

As companies and HR execs prepare for open enrollment, now’s the time to assess benefits and offerings that encourage your employees’ financial health. Medical expenses continue to be a top concern for employees and for those with High Deductible Health Plans (HDHP), offering your employees with the option to open a Health Savings Account (HSA) can go a long way.

Nearly 17.4 million Americans are covered by HSAs according to America’s Health Insurance Plans HSA census, which continues to grow annually by 15% since 2011. Employers see HSAs as an advantage. It provides lower premiums on employees’ health plans, lower payroll taxes, and is an additional retirement tool for employees.

When selecting an HSA provider that fits the needs of your business and employees, these three areas should take precedent:

1. Access

Look for a provider with convenient ways to access the HSA. While each provider will be different, finding the right fit is crucial. As a standard, most HSAs will come with checks and/or debit cards. A differentiator could be an online-only provider versus others with a wide network of branches and ATMs. All providers might not have a person to reach when questions arise, so it’s good to know how they can be reached and if it’s convenient.

2. Fees

Yes, even with HSAs, providers may charge fees. Similar to checking accounts, individuals may be assessed fees on an annually, monthly, or per transaction basis. With fees as much as $45 annually, don’t be shy about reviewing the provider’s fee sheet and other miscellaneous factors (i.e. minimum balances, overdraft fees, origination or closing fees). Credit unions tend to offer fewer fees even when it comes to HSAs.

3. Trust and Security

You want to partner with an HSA provider that can be trusted. Credit Unions have been trusted for many years with members’ money and provide a secure way to manage it. Credit unions are also insured by NCUA, which protects the members’ should anything bad happen. Some institutions offer HSAs through an investment vehicle, but be careful as these funds are not protected and are subject to market volatility.

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