HSA
Administration

Add an HSA to your benefits package at no-cost

New HSA clients get the same expert administration BASIC is known for, but now it’s free.

HSA Administration features that benefit you:

Compliance expertise

Payroll contribution management

One benefit card for all participant accounts

Toll free participant support

Full service web portal & mobile app

Coordination with Limited Purpose FSA

BASIC HSA Administration is free for new clients and pairs with any carrier HDHP, no need to ever change HSA Trustees. Don’t tie your HSA to a specific carrier that might change. Pick an HSA compliance expert to partner with, request a proposal today!

Leveraging HSAs

You and your employees have access to BASIC’s HSA Certified Compliance Experts for questions on eligibility or plan design.
HSAs are increasingly being used as an additional resource to invest and save for retirement. With BASIC, HSA funds earn interest on both their cash account and investment account. Our CDA System makes investing easy by automatically sweeping money into investment accounts once their cash balance reaches a set maximum.
BASIC CDA allows for seamless coordination between HSA and Limited Purpose FSA.

BASIC Consumer Driven Accounts (CDA)

A cutting edge integrated system allowing employers and participants to manage all their benefit plans and benefit continuation (COBRA) accounts with one card, one website, and one mobile app.
- Employers can choose to enrich their benefits package with a wide range of healthcare benefit accounts like FSA, Simple HRA, or HSA.
- Combine with a variety of available benefit accounts such as Dependent Care, Commuter, Wellness Rewards, Employee Crisis, and Education Reimbursement.
- Single sign-on solution to access benefit plans and benefit continuation accounts – no more switching between multiple systems!

BASIC Card

All participant benefit accounts and MyCash account are linked to a single card.

Proprietary smart card technology withdraws funds from the appropriate account(s) based on plan design and expense eligibility.
The BASIC Card can be used anywhere Mastercard is accepted.
Learn more about the BASIC Card

BASIC Benefits App

With a single app, participants can manage all their BASIC benefit accounts and benefit continuation (COBRA) plans.

Participants can request and submit manual reimbursements or select Picture to Pay provider.
Check expense eligibility anytime, anywhere.
Lock or unlock the BASIC card if lost, stolen, or found.
Learn more about the BASIC benefits app.

MyCash

MyCash is an unrestricted post-tax reimbursement account linked to participants’ BASIC Cards.

Reimbursements are deposited directly into the participants’ MyCash accounts and are faster than check or direct deposit!
Participants can pay COBRA premiums with their MyCash balance, credit and debit cards, setting up auto-pay, and more!
Participants can use their BASIC Card to access MyCash funds or they can be transferred to another bank account.
Learn more about the MyCash account.

Picture to Pay

In three quick steps, participants can have BASIC pay healthcare providers directly on their behalf with our “Picture to Pay” feature. No paper, no postage, and no hassle for the participant. All with no additional fees for employers!

Participants take a picture of the provider’s bill
Submit the photo to the BASIC Benefits app
BASIC pays the provider from the appropriate benefit account

HSA Regulations

Like all tax-advantaged accounts, HSAs have restrictions.

Eligibility

HSAs are a tax savings account that is only available if it is paired with a qualified high-deductible health plan (HDHP). IRS Publication 502 contains a list of all approved qualified medical expenses.
An HSA can be used to cover:

Your insurance deductible
Qualified healthcare expenses
Co-payments and coinsurance

To be eligible for an HSA, you must meet all of the requirements:

You are covered under a qualified HDHP and have coverage on the first day of the month in which the HSA account is opened. See BASIC’s Regulations Page for current HDHP guidelines.
You are not covered by another health plan that is not an HDHP.
You are not eligible to be claimed as a dependent on another individual’s tax return.
You are not enrolled in Medicare (part A or B) benefits.
You are not enrolled in a traditional Medical Flexible Spending Account (FSA) or Health Reimbursement Account (HRA).
Your spouse is not covered under General Purpose Medical FSA or HRA which can be used to pay for your expenses.
Must not have used VA medical benefits in the past three months, with the exception of preventative services or treatment for a service-related disability.

About HSA

What is a Health Savings Account (HSA)?

A Health Savings Account (HSA) is a tax-advantaged savings account available to individuals enrolled in High-Deductible Health Plans (HDHPs). HSAs allow account holders to contribute pre-tax dollars, which can then be used to pay for qualified medical expenses, including deductibles, copayments, and certain other expenses. Unlike flexible spending accounts (FSAs), funds in HSAs roll over from year to year and can even be invested for potential growth.

Who can contribute to a Health Savings Account?

Anyone enrolled in a High-Deductible Health Plan (HDHP) can contribute to a Health Savings Account (HSA), whether they’re self-employed, employed by a small business, or covered by a larger employer’s plan. Additionally, contributions can be made by an individual, their employer, or both, up to the annual contribution limit set by the IRS.

Can an HSA be used with an FSA?

An employee cannot contribute to an HSA and a standard medical FSA at the same time. A medical FSA is compatible with any kind of group health plan offered by an employer, whereas an HSA can only be used with compatible High Deductible Health Plans. However, a participant may contribute to both a Limited Purpose FSA (LPFSA) and an HSA at the same time, as LPFSAs carry different rules than a standard medical FSA.