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FSA • HSA • HRA • COBRA • Transportation

We specialize in each aspect of the HSA product. Count on us for unmatched knowledge and experience.

Health Savings Account

Put our experience to work for you. Discovery’s extensive experience in the FSA and HRA market place translates to exceptional customer service and administration in the HSA and Consumer Directed Health Care arena. A Discovery Benefits Health Savings Account is the easiest way to control the rising cost of health care for your clients. The account works in conjunction with a high-deductible health plan to lower premium costs for employee health coverage. Contact a Discovery Benefits Representative to get started.

Employee contributions can be made through a cafeteria plan on a pre-tax basis or on an after-tax basis outside the cafeteria plan. If an employer elects to contribute to an employee’s HSA, employer contributions are excluded from taxable income, and employment taxes do not apply, saving your client matching Social Security and Medicare taxes.

Employees can make tax-free withdrawals from the account for IRS qualified medical expenses not covered by the high-deductible health plan. Account holders may also make tax-free withdrawals from the HSA for insurance premiums for Medicare (except Medicare Supplement Policies), long-term care coverage, health coverage while receiving unemployment benefits or health care continuation coverage required by federal law (known as COBRA coverage).

Unlike the flexible spending accounts, contributions are employee-owned so once contributions are made, they are theirs to keep. Employees may withdraw the funds or accumulate funds from year-to-year. The interest or earnings on the assets in the HSA accumulate tax-free. There is no “use-or-lose” rule.

Our custodian is HealthcareBank. HealthcareBank’s investment management team provides investment expertise for Discovery’s HSA product. HealthcareBank carefully selects the mutual funds to provide account holders with a variety of options to meet a variety of investment needs. Choose from asset allocation funds, where the mix of investments is done for you, or select style specific funds and create your own investment mix.

We offer:

  • Online enrollment, no paper applications or signature required

  • Fully compliant with US Patriot Act requirements

  • HSA Debit Card for eligible medical expenses

  • Online account inquiry

  • Free direct deposit

  • Direct access to custodian site for investment options

  • Mutual fund options selected by 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

  • Coordination of limited FSA and HRA in conjunction with an HSA when offered within one plan and when all plans are administered by Discovery

  • Administration of HSA within cafeteria plan or as a standalone benefit

  • Live customer service representatives available to answer your questions from 7:30 a.m. to 7:30 p.m. CST Monday through Friday.

Contact a Discovery Benefits Representative to get started.