HSAToday® Features
One of the goals of HSAToday®is to help you differentiate yourself in the marketplace by providing your clients with the tools and knowledge to become empowered as active and engaged consumers of healthcare.
The Claims VaultSM — This patent-pending technology is an electronic repository where your clients can store their receipts indefinitely and YOU can provide claims storage and certification services.
Online Access — A secure web portal lets you and your clients access and manage the 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 clients to access their HSA funds with the swipe of a card.
HSA administration has entered a new era with the revolutionary Claims VaultSM.
HSAToday® is the only solution in the marketplace that offers this unique service, giving you, the Plan Service Provider, a powerful differentiation from your competitors.
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. With the patent-pending platform of HSAToday®, the Plan Service Provider (PSP) can now provide access to the Claims VaultSM, a secure repository where individuals can store and organize their receipts indefinitely. Expenses incurred today can be reimbursed later (years later, if desired) with a few clicks of the mouse, allowing individuals to build up interest tax-free and ensuring that they do not miss out on any tax benefits.
The Claims VaultSM technology supports attaching the document files (receipts) to the claim records that are presented on the web platform, giving the account holder an incentive to retain the services of their PSP even if they change employers or HDHP carriers. This puts yet another tool at the PSP's disposal for maintaining their hard-earned clients. The PSP, utilizing the Claims VaultSM, is positioned in the center of the program, serving as both the Plan Service Provider to the Employer and as the Personal HSA Assistant to the Account Holder.
Three options are available. Licensed HSAToday® Plan Service Providers are entitled to access all three options and can switch between these options in order to meet the needs of their 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.
So besides peace of mind, why should someone use this service?
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There is a 10% penalty plus applicable Federal and State taxes if the withdrawal from the HSA is deemed non-qualified. The PSP can help avoid these penalties.
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Relief from the worry of having to track and keep up with receipts. Copies of the receipts are readily available whenever needed.
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Account holders can see the status of their Requests for Withdrawal and Claim Receipts online, anytime.
Option 3 ... Employer groups set up by the PSP under Option 3 will not be activated for the Claims VaultSM. Because claims storage and certification services are not provided, the PSP should encourage account holders to maintain a record of their personal expenses.
The options can be turned on and off by the Plan Service Provider, allowing the PSP the flexibility to administer various employer groups at their discretion.
The benefits of the Claims VaultSM for the Plan Service Provider
The Claims VaultSM is yet another component of the HSAToday® platform that puts the PSP at the center of the HSA solution, allowing you to:
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Serve as the Personal Assistant to the HSA account holder and provide value-added services not offered by the banks and insurance carriers.
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"Own" your clients by giving them something that they will want to take with them even if they change employers or carriers.
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Differentiate yourself in the marketplace with an exclusive service not available anywhere else.
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Generate more sales through word-of-mouth. As you know, satisfied clients are your best sales people.
To request an automated Claims VaultSM demo, send your name and e-mail address to:
Online Access
Complete Account Management At Your Fingertips
A secure online account management tool provides you full administration functions. It also empowers your clients with the tools and information they need to make wise and informed decisions about their healthcare. This web portal gives you and your clients 24/7 access to:
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Account Balances and History
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Online Claims Storage Through the Claims VaultSM
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Deposit & Withdrawal Capabilities
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Important Forms & Documents
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Up-to-Date Payment History
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Recent News and Benefits Updates
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Account Statements
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 clients 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 clients change jobs, the money in the account is theirs to keep.
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Flexibility
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Account holders 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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Account holders can pick from one of four investment models or create their very own custom investment portfolios.
Reimbursement is Just a Swipe Away!
This MasterCard® debit card virtually eliminates:
- Out-of-Pocket Expenses
- Claim Forms
- Reimbursement Checks
You save administrative time and money due to a reduction i n:
- Manual claims processing costs
- Mailing costs for manual claims (envelopes, postage)
- Printing costs for manual claims (benefit statements)
- Customer calls through online self-service
The mySourceCard® debit card transfers funds directly from an HSA to qualified providers with no out-of-pocket cost and no need to file a claim for reimbursement.
Account holders 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 account holders to check their account balance at any time
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®.
