Health Savings Account (HSA)

Health Savings Accounts accompany a High Deductible Health Plan (HDHP) and are a tax-exempt account to help your employees pay for eligible healthcare expenses.

Health Savings Account Plan

The Health Savings Account is an individual health account and owned by the employee that they can use toward their qualified healthcare expenses in conjunction with their High Deductible Health Plan.  You and your employees may contribute to an HSA on a pre-tax basis.  The HSA is like an Individual Retirement Account (IRA) in that the employee owns it, directs the investments, and it stays with the account holder regardless of employment with your company.

Offering an HSA has become popular with employers providing HDHPs as part of their benefits package.  HSAs have a unique set of advantages as opposed to other tax-advantaged options.

  • Triple 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 At age 65, HSA funds can be withdrawn for non-medical reasons without penalty. Ordinary income tax will be charged on the money withdrawn for non-medical reasons.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” rule.  Accounts move with employees even if they change employment or retire.
  • A Solution for Future Health Expenses – 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.

HSAs have a yearly maximum contribution allowance.  The 2020 individual contribution limit is $3,500.  The family contribution limit is $7,000.  Each year the IRS provides inflation-adjusted contribution limits.

How Does the Plan work?


  • You purchase a High Deductible Health Plan (HDHP).


  • You set a contribution allowance limit, should you decide to contribute to the employee’s HSA.


  • Employees select an annual election amount to set aside into their HSA. This annual election amount will be deducted evenly out of each paycheck.


  • Employees receive an ASi Visa® Card to use for their eligible HSA expenses.

What Expenses Are Eligible?

HSAs cover a variety of healthcare expenses including, but not limited to:

  • Deductibles & Co-Pays
  • Prescription Drugs
  • Dental & Orthodontic Services
  • Eyeglass, Contacts & Eye Surgery
  • Chiropractic Services
  • Mental Health Care
  • Smoking Cessation Program

For a complete list of eligible services, please view the list of common expenses here or for a complete list visit the HSA Store.

Employer Features

As our client, we provide you with the best features available in the industry at no additional cost to you or your employees.

  • Cost Savings
  • Online and Mobile App Account Access
  • Marketing Material for Employees
  • Dedicated ASi Teams Who Provide Personalized Customer Service

Participant Features

We realize your employees are your most important asset, which is why we offer them great tools and resources to help them manage their benefits.

  • Triple Tax-Advantaged Savings
  • Flexible Spending
  • Portable Account
  • A Solution for Future Health Investments
  • Employee Online Portal
  • Mobile App
  • ASi Visa® Card
  • Easy to Understand Benefits

How is Enrollment Handled?

We can provide an Excel census template (for onboarding and open enrollments), as well as, enrollment forms for you or your Human Resources department to complete.  We can also help in-person during your open enrollment event if requested.

For employers who have access to the ASi Employer Portal, you can enroll participants online at any time.

What Can I Expect from ASi?

  • Personalized Customer Service
  • Assist in Plan Design, Including Plan Design Options and Features
  • Assist Broker in Plan Presentation
  • Assist in Group Enrollment
  • Marketing Materials for Your Employees
  • Timely Processing of Distribution Reports
  • Provide Standard Reports Upon Request

Still Have Questions?

Check out our FAQs or contact us!

Want to Know More About this Service?

Contact our Sales team
Request a Quote
Phone: 866-777-1320 or 559-256-1320