How does a Business HSA work?

Business HSAs allow employers to help employees with healthcare expenses without sponsoring a group health insurance plan. To participate in the Business HSA, employees must apply and be approved for coverage under an HSA-compatible health insurance plan, and must open a Health Savings Account. Funds contributed to the employee's Health Savings Account may be used by the employee to pay for qualified healthcare expenses on a tax-free basis, or invested and saved for the future.

 

The eHealthInsurance Business HSA provides employers with an online enrollment center for their employees to shop for HSA-compatible insurance plans, establish their own Health Savings Accounts, and manage their own contributions and healthcare expenses.

 

In addition, the Anthem Blue Cross Business HSA gives employers a Business HSA Management Portal to add and remove future employees, adjust employer contribution levels, and even use automatic payroll integration with major vendors to simplify employer contributions.

 

By creating a Business HSA with Anthem Blue Cross, employers encourage their employees to purchase health insurance protection on their own while helping them with the high costs associated with healthcare today.