Health Savings Accounts (HSAs)
Whether you are fully insured or self-funded, a small group or a large group, every dollar counts. A health savings account (HSA) provides tax benefits to your company and lets your employees save, invest, and spend money for qualified medical expenses on a tax-advantaged basis.
Have Questions or Ready to Enroll?
Call us at 1-800-525-9252 or contact your Medical Mutual representative. You can also request a quote online.
Why Choose Medical Mutual
While all HSAs share basic core features, combining a Medical Mutual HSA with a Medical Mutual qualified high-deductible health plan (QHDHP), will save administration time and dollars. It will also save you the inconvenience of managing multiple product platforms.
Our Ohio-based HSA administration team are experts at managing and onboarding HSAs for our customers. In addition, we provide:
- No charge HSA administration with our qualified fully insured benefit plans
- Auto/employee enrollment options based on group size
- A 24/7 employer portal for on-demand reporting
How an HSA Saves Your Company Money
- Premium Savings – Providing a QHDHP with an HSA gives your employees a triple tax advantage of savings (see below) while saving your group money with generally lower plan premiums vs. traditional plans.
- FICA Savings – Every dollar contributed on a pre-tax basis by both you and your employees, is a reduction in employer FICA tax liability. To see how much you can potentially save, check out the calculator on the right .
- Limited-Purpose Flexible Spending Account (LPFSA) – With an LPFSA, employees set aside pre-tax income for eligible dental and vision expenses instead of using HSA dollars. This results in a reduction in FICA and employer payroll tax contributions for your company.
How an HSA Saves Your Employees Money
An HSA offers a triple-tax advantage for your employees:
- Money goes in tax-free – Employee HSA contributions are made on a pre-tax basis, making savings immediate.
- Money comes out tax-free – Eligible healthcare purchases can be made tax-free when the HSA is used. Purchases can be made directly from the HSA account, either by using the Medical Mutual debit card, ACH, online bill-pay or check; or, employees can pay out of pocket and reimburse themselves.
- Earn interest, tax-free – The interest on HSA funds grows on a tax-free basis. Unlike most savings accounts, interest earned on an HSA is not considered taxable income when the funds are used for eligible healthcare expenses.
Additional HSA Benefits
Why choosing Medical Mutual’s HSA makes sense.
- Integrated Online Accounts – With single-sign on access, employees can manage their Medical Mutual benefits, HSA and other CDH accounts (if elected) through My Health Plan, our secure member website.
- AccountLink Mobile App – Employees can view account balances and profile information, submit claims and more from our mobile app. Visit MedMutual.com/AccountLink for information.
- Medical Mutual Debit Card – Our card provides a convenient way for your employees to pay for eligible expenses, and allows for automatic funds management if you elect other Medical Mutual CDH products. Depending on the plan type, the card gives employees access to funds without the need to submit claims and wait for reimbursement.
- Section 125 Plan Document Support – We can provide compliant plan documents to support our CDH products. Fees may apply.
- Member Education Resources – We offer a variety of support materials pre and post enrollment based on your company’s needs.
How Much Could You Save?
Use our calculator tool to view your company's potential savings.