HSAToday® Features
With the right tools and knowledge to manage their HSA account, your employees can become empowered as active and engaged consumers of healthcare.
Therefore, HSAToday® has created some helpful tools to put your employees in charge of their own healthcare spending decisions:
The Claims VaultSM — This patent-pending technology is an electronic repository where your employees can store their receipts indefinitely.
Online Access — A secure web portal lets your employees access and manage their accounts online.
Investments — The HSAToday® Investment Program offers qualified account holders a diverse range of investment alternatives to choose from.
Debit Card — An electronic payment card allows your employees to access their HSA funds with the swipe of a card.
In the past, people have had to resort to tossing their receipts in shoeboxes, resulting in a jumble of papers in the back of closets all across America. Now, with a few clicks of the mouse, individuals can access their receipts quickly and easily.
With the patent-pending Claims VaultSM, expenses incurred today can be reimbursement decades later, allowing your employees to build up interest tax-free and ensuring that they do not miss out on any of the tax-advantaged benefits of an HSA.
HSAToday® is the only solution in the marketplace that offers this service, empowering your employees with a unique tool to take more control over their healthcare spending.
Two Claims VaultSM options are available. Licensed HSAToday® Plan Service Providers (PSP) are entitled to access both options and can switch between them in order to meet the needs of various employer groups.
Option 1 …This option allows individuals to store their own claims and receipts in the Claims VaultSM and self-attest the validity of their claims OR request personal assistance from the PSP for certification of the claims.
Option 2 ... This option provides greater integrity of the data being stored in the Claims VaultSM. The PSP serves as a true service-oriented client advocate by providing certification on all claims entered by the account holder. Self-attestation is not available in this option. All claims posted require PSP certification. PSP certification provides the account holder with the peace of mind of knowing their information is accurate when it comes time to file taxes or if the account is ever audited.
Online Access
Complete Account Management At Your Employees' Fingertips
One of the goals of HSAToday® is to empower your employees with the tools and information they need to make wise and informed decisions about their healthcare. Therefore, HSAToday® provides them with a secure web portal for 24/7 access to:
- Account Balances and History
- Online Claims Storage Through the Claims VaultSM
- Deposit & Withdrawal Capabilities
- Important Forms & Documents
- Up-to-Date Payment History
- Recent News and Benefits Updates
- Account Statements
- Investment Options
Investments
The HSAToday® Investment Program offers qualified account holders a diverse range of investment alternatives to choose from, along with four professionally managed model portfolios that support varied investment objectives and risk tolerance.
What Are the Benefits of Investing?
Many Americans will depend on personal savings and investments during retirement. Utilizing an HSA as a long-term investment vehicle is an excellent way for your employees to add to their retirement strategy. Here are just a few reasons why:
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Tax-Free Investments
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All contributions and earnings in an HSA are considered tax-free by the IRS and will not be taxed unless withdrawn for non-medical reasons.
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Portability
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There is no use-it-or-lose-it rule associated with HSAs. HSAs are owned by the account holder and roll over year after year. Even if your employees change jobs, the money in the account is theirs to keep.
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Flexibility
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Employees can change the amount they want to invest and the way the funds are invested. And they can always access the money in their account if the need arises.
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Multiple Investment Options
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Your employees can pick from one of four investment models or create their very own custom investment portfolios.
Employee Reimbursement is Just a Swipe Away!
This MasterCard® debit card virtually eliminates:
- Out-of-Pocket Expenses
- Claim Forms
- Reimbursement Checks
The mySourceCard™ debit card transfers funds directly from an employee's HSA to qualified providers with no out-of-pocket cost and no need to file a claim for reimbursement.
Your employees can use the mySourceCard™ at any qualified service provider that accepts MasterCard® for eligible healthcare expenses to take advantage of:
- Instant access to funds – payment comes directly from the HSA — no more paying cash out of pocket
- Freedom from virtually all claim forms and reimbursement checks
- Online access to real-time account information — allowing your employees to check their account balance at any time
How Does the Card Work?
For the most part, the mySourceCard™ works just like any other debit card, except for three important differences:
- It is limited to specific merchants and eligible expenses.
- Your employees can’t use it at an ATM or for “cash back” when making a purchase.
- There is no PIN. When given the option between debit and credit, your employees should choose credit.
For more information on mySourceCard™, visit www.mysourcecard.com
NOTE: This card is intended to have limited utility. At the request of Benefit Bank, use of this card is authorized for specific types of purchases as set forth in your plan document[s]. It cannot be used at all MasterCard® acceptance locations. No cash access. Datapath Inc. is an authorized representative of Benefit Bank, the issuing bank for the mySourceCard™.
