Employers who are fed up with the rising costs and administrative hassle of traditional group health insurance plans are switching to options like Gravie that free them from both – and offer employees more choice at lower cost. You may be thinking of moving from a traditional plan to Gravie, too, if you’ve read some of our previous posts on topics like:
- how you might be hurting your employees by offering a group plan or
- why your employees will often end up paying less for individual health insurance.
If you have, you might be convinced that Gravie is a good idea, but you could be wondering how making the switch could affect things like employees’ HSAs.
With Gravie, there’s no need to worry about employees losing their HSA accounts. Employees work with Gravie advisors to choose the plan that works best for their situation, including High Deductible Health Plans (HDHP) that can be combined with an HSA. Gravie can set up HSAs for employees through HSA Bank, or if your company currently offers an HSA account to employees, you can continue to use that provider. Gravie can also help with any HSA transfers for employees.
If you choose to continue using your provider, it’s important to tell employees that only those with a HDHP can contribute to and use an HSA. If an employee continues to use your current HSA provider without having a qualified HDHP, you could be held liable. If an employee is enrolled in an HDHP he or she can sign up for an HSA at any time throughout the year. During the implementation process, we’ll help with this communication and make sure everyone has the information they need.
You see? It’s pretty simple. Use Gravie and you can continue to offer an HSA – or start offering one if you don’t already.