Marketplace

Health Savings Account (HSA)

HSA Administration

Paired with a qualified High Deductible Health Plan (HDHP), a Health Savings Account (HSA) allows employees to set aside pre-tax dollars for out-of-pocket medical expenses for themselves and their dependents. Contributing to an HSA reduces taxes for both employers and employees and can lighten the burden of healthcare costs. Unused balances roll over each year and funds can be invested so they can grow tax free until used for future or retirement medical expenses.

SUMMARY OF ADMINISTRATIVE SERVICES
• Flexible Account Management: Auto sweep of funds between cash and investment accounts to ensure funds are always available on the debit card to use for eligible expenses.
• Investment Options: With 15 investment fund options available, self-directed brokerage, fractional shares, and managed portfolios, members can automatically contribute funds into their investments. BMO Bank is the custodian.
• Industry-First HSA Smart Account: Personalized to give employees proactive recommendations to navigate their healthcare journey while promoting activities and improve Smart Scores.
• FDIC Insured Accounts
• Stackable, Multipurpose Debit Cards make managing funds across any FSA, HSA, HRA or Commuter account simple and easy.

OVERVIEW
ThrivePass provides comprehensive HSA administration services that include enrollment, contribution processing, customer service and participant disbursement. When participants are enrolled following the annual enrollment period, or when new participants are added during the plan year, they are provided with a communication that gives them instructions to access their personalized portal. The portal gives them 24/7 access to their account information and extensive educational resources.