Health Savings Account (HSA)
The health savings account is an employer-offered benefit and it works like a bank account for participants—but also offers triple tax savings and investment opportunities. We help employers and participants understand the plan and get the most value out of it.
The ISG HSA Custodian is Healthcare Bank, an $8 billion community bank headquartered in Fargo, ND. Healthcare Bank currently partners with more than 100 industry leaders, like ISG, to serve more than 450,000 accounts and over $650 million in HSA deposits. Participants use their HSA for eligible expenses as they would use a bank account and they have a financial relationship with Healthcare Bank, just like they do with a bank or credit union. With competitive interest rates, low fees, solid investment options, and an easy-to-use online banking experience, Avidia Bank helps us provide an outstanding HSA experience.
Ways to Pay with HSA
The HSA works like a bank account for participants—with triple tax savings and investment opportunities. Participants spend their HSA funds on eligible expenses without waiting for approval. They choose how to pay with their HSA dollars—with their Benefits Card at the register, with an online payment to a provider, with an online payment to reimburse themselves for an expense they already paid, or via paper check (checks available for a fee).
Online Administration Processes
The ISG HSA comes with online administration processes that help employers manage the benefit efficiently and effectively. Online benefit administration access includes quick access to invoices, real-time reports, and workflows for enrolling new hires and terminating separated employees. Employers can submit contributions via an automated process that includes email notifications and reporting, or they can enter contributions for each individual in the administration website.
Compatible with Limited Health FSA
Enrolling in an HSA doesn’t mean participants have to give up their flexible spending account (FSA). While participating in a Health Care FSA makes a participant ineligible for an HSA, the Limited Health FSA is designed to complement the HSA. The Limited Health FSA can be used to pay for eligible vision and dental expenses and the HSA can be used for all eligible medical expenses. Employers who add an HSA benefit option are able to utilize our customer experience and compliance expertise to help transition administration and participation from a Health Care FSA to an HSA with Limited Health FSA.
The ISG Difference
ISG offers a special feature called HSA Advance, which allows you to access your full year’s HSA contributions at any time of the plan year to cover eligible medical expenses as needed. Think of it like overdraft protection. This way, if you have medical expenses that occur early in the year before your account balance is built up, you have funds to cover the cost. Contributions continue as scheduled to repay the amount you use. Click here to learn more.