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Health Savings Account (HSA)

Peak1 HSA
A Better Way to Pay for Health Care - Today and Tomorrow

As health care costs continue to soar, finding ways to offer affordable health benefits to your employees is a persistent challenge. Now you can leave employees with more spending money per paycheck while they save money on out-of-pocket health care expenses with a health savings account (HSA) solution from Peak1.

An HSA is a tax-advantaged savings account that is used in combination with a high-deductible health plan (HDHP) and gives your employees a new way to manage health care costs. They can use the HSA funds to cover qualified medical expenses—from copayments at the doctor’s office to pharmacy bills, dental care, vision care, and more.

How HSAs Work

The HSA account is funded by pre-tax contributions by the employee. Employers and other third parties also can contribute to the account. The employee determines the amount of money that is withheld each paycheck before payroll taxes are deducted. This gives employees more take-home pay, while you, their employer, pay less in FICA and FUTA payroll taxes. When an employee incurs a qualified medical expense, they can pay using the Peak1prepaid benefits card, online bill pay, or other method.

If the employee doesn’t have enough money in their HSA to cover a medical expense, they can make a partial payment and pay the difference using another method. Unlike a flexible savings account (FSA), there is no “use it or lose it” condition. Any unused funds remain in the account and continue to accrue interest until used.

Peak1's HSA helps you:
  • Add depth and flexibility to your employee health benefits and retirement plans with secure, FDIC-insured financial accounts.
  • Reduce FICA and FUTA payroll taxes.
  • Save money on health insurance premiums by offering HSAs along with high-deductible health plans.
  • Provide web-based, fully integrated portals with 24/7/365 access to account information.
  • Free up human resources staff with secure and easy-to-use online, self-service portals you and your employees can use 24/7/365.
  • Promote healthier lifestyle choices through increased employee involvement and use of 100% covered preventative care.
  • Go green with paperless online claims, direct deposit reimbursement, and electronic statements.

Peak1's HSA helps your employees:
  • Offset rising health care costs with tax-free funds.
  • Plan for future health expenses with tax-free investment accounts that grow year after year—no “use-it-or-lose-it” annual requirement.
  • Easily monitor health spending with convenient debit cards and secure online account access.
  • Plan for retirement—after age 65, participants can use HSA funds for non-qualifying expenses. 

Features and Functionality

By offering a Peak1 HSA to your employees, you can fight rising health insurance costs, offer greater depth and flexibility in your benefits packages, and promote healthy lifestyles with these powerful features:

  • Health FSA, HRA, HSA, VEBA, dependent care, wellness, and transportation accounts are fully integrated in one platform, along with custodial banking services.
  • Automated scheduling of lump sum, first of the month, or payroll cycle contributions allows for easy mid-year enrollments.
  • Web-based, fully integrated portals provide 24/7/365 access to account information.
  • Monthly reports generate automatically, with email alerts directing recipients to secure portals for viewing—creating a virtually paper-free administration process.
  • Employees can access funds through online distribution requests, or by using a convenient benefits debit card.
  • An integrated prepaid debit card provides seamless, flexible fund access and compliance.
  • Distributions can be sent to employees by direct deposit or check.
  • Employees can view account details, request distributions, update addresses, change payroll deduction elections, view statements, change beneficiaries, or allocate funds into an array of mutual funds using convenient online portals.
  • Easy online enrollment creates an HSA account with direct deposit and investment accounts.
  • Automated communication and email alerts ensure consistent messaging.
  • HSA accounts are FDIC-insured cash and interest bearing.

At Peak1, delivering convenient solutions backed by the highest levels of service is our top priority. We offer a cloud computing solution designed to provide you and your employees with the functionality, reliability, and integration you need. And you can be assured that we’ll support you with the highest levels of IT expertise and regular additions of new, productivity-enhancing features.

Click here to see a list of current HSA investment options!