Employers - Consultants

Health Savings Account–
think of it as an IRA for health care.

A health saving account (HSA) is part of a two-fold approach to health care funding. You offer employees a combination of a high deductible health plan (HDHP) along with the HSA. Funds from the HSA are used for everyday medical expenses until the HDHP kicks in.

Employers save money on the insurance plan because HDHP premiums are typically much lower than traditional plans. You also save money on the HSAs because contributions are often made pre-tax, reducing your payroll taxes.

HSAs resemble individual retirement accounts. The similarities include:

  • Employee deposits are tax-free and your money grows, year after year, tax-free until they use it.
  • Employees decide how to invest and grow their money.
  • They can withdraw funds anytime for medical expenses.
  • At age 65, or after, the account holders can withdraw funds without penalty and use it for whatever they want.

Unlike an IRA, employees can take money out of your HSA each year, without penalty, on qualified medical expenses.

The Discovery Benefits HSA offers you:

  • Mutual fund options selected by an experienced team of investment managers
  • Online individual mutual fund performance and reporting
  • Mutual fund prospectuses, ratings and more through web login
  • Online claim withdrawal
  • Daily processing of withdrawal requests

We make it simple by providing:

  • One central secure spot for employers to manage administration 
  • A secure online resource for employees to manage accounts and check balances
  • Online enrollment, no paper applications or signatures required
  • Full compliance with US Patriot Act requirements
  • HSA Debit Card for eligible medical expenses
  • Free direct deposit
  • Administration of HSA within cafeteria plan or as a standalone benefit
  • Live customer representatives available 7:00 a.m. to 7:00 p.m. CST M-F

Our custodian, HealthcareBank has an investment management team dedicated to Discovery Benefits, so your employees get a variety of options that fit their investment styles.

How much can I contribute to my HSA?:

You can contribute up to the annual statutory maximum as long as your HSA is established by December 1 of the calendar year. The maximums are as follows:

2013

  • Single HDHP Coverage = $3,250
  • Family HDHP Coverage = $6,450
  • Catch-up Contribution (age 55 by the end of the year) = $1,000

2014

  • Single HDHP Coverage = $3,300
  • Family HDHP Coverage = $6,550
  • Catch-up Contribution (age 55 by the end of the year) = $1,000

The contribution deadline is April 15 following the year for which the contributions were made.

Choose from:

  • Asset allocation funds, where the mix of investments is done for you
  • Specific funds and create-your-own investment mix

Learn more about Discovery Benefits HSA
Frequently Asked Questions »

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