Wealth Administration | Employer Solutions. An HSA—or Health Savings Account—is a special bank account that you can use when you enroll in a Bronze, Bronze Plus, or Silver coverage level. As one of the world’s leading HR and health administration providers, Alight understands reimbursement accounts better than anyone else. To be eligible for a health savings account (HSA), your employees must be enrolled in a high-deductible health insurance plan. The Advantages for Health Saving Accounts (HSAs): Employees find balance between health and wealth, The Advantages fo Health Saving Accounts (HSAs): Employees find balance between health and wealth, Curtiss-Wright: Increasing utilization and satisfaction with an integrated benefits platform, Pathway Vet Alliance: Thriving in the cloud with Alight and Workday. HCM and Financial Management | Professional Services. Alight’s new suite of solutions helps turn business disruptions into drivers for enterprise growth. Welcome to Smart-Choice! What is a health reimbursement account (HRA)? You, and not BP, own that account. Download this cheat-sheet to learn the maximum contribution amounts to health savings accounts (HSAs) in 2020. Login to your Alight Solutions' 401K account. of organizations choose to stay with us every year. These offerings make the most of your investments in both technology and people. We partner with your benefits administration team to ensure your Smart-Choice Accounts are fully integrated into your existing platform, creating the best user experience for you and your people. A health savings account (HSA) allows you to set aside pre-tax funds to cover current and future qualified healthcare expenses. Our card processing, claims and banking are done in one platform to enable real-time transaction settlements, automatic claim payments, and participant reimbursements. Card processing, claims and banking are embedded in one system. Health Administration | Employer Solutions. If you need help with this, contact Alight Smart-Choice Accounts at 1.833.444.HR4U (1.833.444.4748). If you are in the POS Platinum Plan, you cannot participate in an HSA. The funds are portable so you can keep your HSA even if you change your health insurance coverage or leave your organization. There are many benefits to having a health savings account (HSA): Both the employee and the employer can make contributions to a health savings account (HSA). When you enroll in the Core option and elect an HSA we’ll make all or part of your goal amount available to pay eligible expenses before your HSA is built up, The money is available each year starting Jan. 1. Integrated solutions designed for enterprise-wide results. From guides and explainer videos that simplify our products to infographics and savings calculators that take the guesswork out of plan elections, we’ve got resources for everyone. HSA vs. 401(K) Both accounts let you make pre-tax contributions and grow tax-free earnings. Alight’s health savings account (HSA) solution allows your employees to set aside money for their current and future healthcare needs. Engagement and Communications | Employer Solutions. We provide a variety of tools and resources to help them make personal decisions based on their risk tolerance and retirement plans. Please fill out the form and a member of our sales team will be in touch as soon as possible. Your Smart-Choice Accounts won’t need to move, and you can avoid disruption to your employees. Solutions to create a more memorable employee experience. Back to top Set Up Direct Payments Solutions to administer, optimize and scale your payroll. Solutions to help employees and employers choose, use and manage their health benefits. An HSA provides you with triple tax savings: Tax deductions when you contribute to your account and/or tax-free income when your employer contributes to your account, Tax-free withdrawals for qualified medical expenses. HSA funds are flexible. It is a subsidiary of Alight Solutions LLC, a global human resources outsourcing and consulting firm, founded in 1940 and headquartered in Lincolnshire, Illinois. ... including health savings accounts (HSA), flexible spending accounts (FSA), wellness plans, dependent care, commuter spending accounts and more. Funds will not move with you if you leave the organization. Until you’ve met your deductible, you pay 100% of the cost for most covered services, using your HSA to help cover expenses. You will be contacted by a representative shortly. Health Savings Account (HSAs) Solutions for Employers | Alight. Funds can be used to pay for current qualified healthcare expenses or saved and invested to cover future healthcare needs. Solutions to help employees and employers choose, use and manage their wealth benefits. 2020 HSA annual contribution and catch-up limits. We offer single sign-on customer care service integration with your benefits administration platform and enrollment tools. Health Savings Account (HSA) Transfer to UMB from other Trustee Instructions for Health Savings Account owner: As the Account Owner you are required to complete sections A, B, & C. 1. The app provides a single access point for participants to manage their consumer driven healthcare and other tax favored benefit accounts. Solutions to better manage your workforce from the cloud. The Health Care Flexible Spending Account (HCFSA) administered by Alight is a great way to reimburse yourself for eligible medical, dental and vision care for yourself and your dependents. Wealth Administration | Employer Solutions. The 401(k) for Health Care Costs. HCM and Financial Management | Professional Services. is required in the account prior to any investments. With touch ID and facial recognition features, our mobile app offers full HSA account access at your fingertips to ensure your account stays secure. Solutions to better manage your workforce from the cloud. You can use it to pay for expenses now, or have a leg up on future expenses if you don’t use all your HSA money by the end of the plan year. Password 2019 HSA annual contribution and catch-up limits. People who are age 55 or older may contribute an extra $1,000 as a catch-up contribution. If you are age 55 or older as of 12/31/2019, you may also contribute an extra $1,000 as a catch-up contribution. A diversified mix of investment funds allows your people to decide how they invest their HSA funds. At Alight, we are reimagining how people and organizations thrive. The Health Savings Account (HSA) is a bank account that works with the Health+Savings medical option to help you pay for your health care expenses, including any expenses before you meet your Health+Savings deductible. $7,000 for a family. Alight is transitioning from Your Spending Account and has introduced Smart-Choice accounts to have advantage over competitors like WageWorks and HealthEquity. Health Administration | Employer Solutions. Submit claims, view real-time balances and transactions, or ask Emma, our voice-activated virtual assistant, inquiries regarding your benefit accounts in an instant. Your people have one debit card and one login to view all of their health account details. Financially support your employees with tax-free funds in light of COVID-19, Set aside pre-tax funds to cover current and future healthcare needs, Use pre-tax funds to cover current out-of-pocket healthcare costs, Help your people cover their out-of-pocket healthcare costs, Help your people cover their out-of-pocket dependent care costs, Support your people as their families grow, Use pre-tax funds for qualified transit and parking expenses, Help your people continue their education and achieve their career goals, Help your people meet their financial goals no matter where they are in life. Funds can be used to pay for current qualified healthcare expenses or saved and invested to cover future healthcare needs. Open that link - you will see your 5 digit code that needs to be appended to your login ID while linking w/ Mint. Integrated solutions designed for enterprise-wide results. How the HSA Works Your HSA is a personal bank account that works with the Bronze and Bronze Plus medical options. Our extensive dashboards and analytics provide insight on where your employees spend and save the most, allowing you to optimize your approach on marketing tactics. HSA funds roll over from year to year, earn interest and can be invested, making them a good long-term savings strategy to cover future healthcare costs. Account), EPO (Exclusive Provider Organization) or the HSA (Health Savings Account). The former is due to the fact that a $2k min. 2). HSA funds are owned by the employee. This means that transactions are settled in real time, eliminating out-of-balance issues. Finance is moving to the Cloud ...are you ready? Details: your Health Savings Account (HSA) each pay period. Putting aside money for current and future needs is important to all of your people. What is a flexible spending account (FSA)? Smart-Choice Mobile is developed by Alight Solutions LLC. $3,600 for an individual The UMB health savings account (HSA) helps you better manage healthcare costs today and in the future with easy access to funds, dedicated customer service and the tools you need to make the most of your money. A Health Savings Account (HSA) is a smart way to set yourself up for success. These offerings make the most of your investments in both technology and people. The IRS determines how much an employee can contribute to their HSA. Your people have one debit card and one login to view all of their health account details. Cloud transformation during disruption and change, Rethinking and activating your 2021 enrollment plan, Crain’s Chicago names Alight’s Duke Alden to list of Notable LGBTQ Executives, Alight’s new suite of solutions helps turn business disruptions into drivers for enterprise growth, Alight Solutions to lead nationwide launch of the Retirement Clearinghouse Auto Portability program, HCM Application Management Services (AMS), Financial Application Management Services (AMS), Tax deductions and/or tax-free income when contributions are made to the account, Tax-free withdrawals for qualified medical expenses. Payroll Administration | Employer Solutions. Learn more and better understand the right solutions for your employees. FSAs are not linked to high-deductible health plans, and up to $500 in funds may roll over from year to year, depending on the employer’s plan design. It is a subsidiary of Alight Solutions LLC, a global human resources outsourcing and consulting firm, founded in 1940 and headquartered in Lincolnshire, Illinois. It may be necessary for your current Trustee/Custodian or UMB to contact you with follow-up questions. •your accounts, and the powerful Smart-Choice mobile app makes If you have a 2019 Health Care FSA A flexible spending account (FSA) allows you to set aside pre-tax funds to cover current qualified healthcare expenses. Combined with a high-deductible health plan strategy, our HSA provides your people with the savings tools they need while helping … But only an HSA lets you take tax-free distributions for qualified medical expenses. You must be enrolled in a qualified high-deductible health plan to be eligible for an HSA. Your employees must be enrolled in a qualified high-deductible health plan to be eligible for an HSA. Payroll Administration | Employer Solutions. Contact Us - Call HSA Bank Client Assistance Center at 1(800)357-6246 or Email us at askus@hsabank.com HSA Bank® is a division of Webster Bank, N.A., Member FDIC, and serves as custodian for Health Savings Accounts established at HSA Bank If you also have coverage under a second medical plan, it must also be a high-deductible option for you to use an HSA. HRA funds may roll over from year to year, depending on the employer’s plan design, but funds will not move with you if you leave the organization. Alight Financial Solutions PO Box 563901 Charlotte, NC 28256-3901 : Overnight, Certified and Signature-Required Customer Correspondence : Alight Financial Solutions 7201 University Oaks Drive Charlotte, NC 28262 : Email : afscustomerservice@alight.com You can invest your HSA funds, making it a critical part of your retirement plan. HSA funds roll over from year to year, earn interest and can be invested, making them a good long-term savings strategy to cover future healthcare costs. The IRS determines how much an employee can contribute to their HSA. $3,500 for an individual Need to change healthcare plans? Solutions to create a more memorable employee experience. Our Alight Smart-Choice Card® gives your people quick access to all their HSA funds, and automatically pays for eligible services from the right account based on your plan rules. Once you have your plan, you can choose either UnitedHealthcare or Aetna as your insurance company. There are many benefits to having a health savings account (HSA): Both the employee and the employer can make contributions to a health savings account (HSA). With Smart-Choice Accounts for healthcare, child care, transportation and education costs, you can make sure you’re retaining your best employees by helping them save and build wealth. 2020-12-31 21:56:44 - Stocks ended higher on Thursday, with the Dow and the S&P 500 closing at record levels in the final trading day of the year. How it Works and Changing Your Contribution. Health Savings Account Custodial Agreement and the U.S. Tax Code limit the total dollar amount of deposits that may be made to your Deposit Account with respect to any tax year in order to maintain favorable tax treatment as a Health Savings Account. Our customer care team can adjust denied claims in real time if needed, and a higher percentage of claims are approved with a robust, easy-to-use portal. Solutions to help employees and employers choose, use and manage their health benefits. A health savings account (HSA) allows you to set aside pre-tax funds to cover current and future qualified healthcare expenses. Plus, we ensure your people understand how to manage their accounts with a robust library of online resources, videos, emails and calculators available to them. Once you meet your deductible, you pay 20% of the cost of covered services from in … We work with all major carriers, giving your organization the flexibility to change health plans without moving HSA reimbursement accounts and preventing disruption and unnecessary transfer fees for your people. Alight Smart-Choice Accounts include a variety of product offerings, but we receive frequent questions about the difference between an HSA, FSA and HRA. Manage your HSA, FSA, HRA, or commuter benefits. Income from HSA investments, if any, is tax free 3). Good luck! The funds are portable so they keep their HSA even if they change health insurance coverage or leave your organization. Login. Cloud transformation during disruption and change, Rethinking and activating your 2021 enrollment plan, Crain’s Chicago names Alight’s Duke Alden to list of Notable LGBTQ Executives, Alight’s new suite of solutions helps turn business disruptions into drivers for enterprise growth, Alight Solutions to lead nationwide launch of the Retirement Clearinghouse Auto Portability program, 2021 HSA annual contribution and catch-up limits. Some people use their HSAs to pay healthcare bills as they come in, while others prefer to save for future needs. Finance is moving to the Cloud ...are you ready? Funds spent are tax free, provided they are for qualifying medical expenses My particular HSA has both a "savings" and an investment element. HSA Advance. After age 65 you can use your HSA for any expense, you’ll simply pay ordinary income taxes—just like a 401(k). Meaning: everything is on the back burner til the kinks get worked out. The Alight Solutions account through Mint only includes retirement accounts. Our detailed, ongoing communications—including online resources, videos and calculators—help your people manage and understand their HSA accounts. To be eligible for a health savings account (HSA), you must be enrolled in a high-deductible health insurance plan. HCM Application Management Services (AMS), Financial Application Management Services (AMS). High deductible health plan participants: skeptical but savvy. Solutions to administer, optimize and scale your payroll. The process for transferring your current HSA balance to your Smart-Choice HSA depends on the medical plan you’re enrolled in for 2020. HSA funds are owned by you, not your employer. Your investments in both technology and people retirement plans also be a option! With the Bronze and Bronze Plus medical options for transferring your current HSA balance to login... 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