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HSAs were created by the Medicare Prescription Drug, Improvement and Modernization Act of 2003 adding section 223 to the Internal Revenue Code effective January 1, 2004. These individually owned accounts act like medical IRAs. HSAs allow the account holder to pay for “qualified” health care expenses using pre-tax contributions when the plan is offered through an employer or taken as a deduction when the plan is purchased by an individual.

HSAs represent the first major change in employer-provided health care since World War II when the benefits became tax free to employees. Insurance companies report that 70% of their subscribers spend less than $500 each year for preventive care services (office visits, prescriptions) and only 4% require in-patient hospital care, which means health plans have been over priced to account for excessive utilization, when in fact, utilization has been excessively low.

For employers, HSA premiums can be 50% lower than current plans. For employees, HSAs mean more control over health care expenses.

At Trust Administrators, we offer a comprehensive, seamless platform for administering HSAs, Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs).

Please feel free to review the materials below. At TAI, we’ve sifted through the complicated HSA rules and regulations so our documents are easy to understand and use. These documents are available for current clients, prospects, individuals and brokers.

HSA Overview Information
For Employers
For Employees