Health Savings Account (HSA)
Are you seeking less expensive coverage alternatives to your health insurance costs? As an employer, you require a plan that includes a high deductible health plan (HDHP). Well, you may have found your match with BBP’s health savings account (HSA) program, which allows you and your employees to save money! BBP uses two HSA custodians, being The HSA Bank and The Bancorp Bank. Both offer BBP a unique way to deliver a HSA solution to our clients.
Our Health Savings Account produces tax savings for the employer. This reduction in payroll taxes is done by decreasing matching FICA Social Security (6.2%) and Medicare (1.45%) taxes. As a result, possible savings on workers compensation could incur. For the employee, taxable income can be reduced at an average of 30% through pre-tax payroll deductions, federal and state income taxes, and more.
BBP provides the service you need through reliable technology and tools in order to build a successful HSA program. Our goal is to engage you throughout the process as well as produce the best savings possible. When you partner with us for an HSA account, you can:
- Have access to multiple contribution options to meet your specific needs
- Work to reduce administration costs for your company
- Help reduce taxes on all levels
- Use iPhone and Android applications to view your account on the go
- Create a custom plan that can help you reach your goals
- Discuss ways to simplify your benefits
- And of course, find peace of mind
There are two investment opportunities available for HSA account holders, which can be done through an easy online enrollment process. In addition, the BBP HSA Services includes the BBP Benefit Card, which is our proprietary benefit card that allows for stacking capabilities with other BBP account-based plans. As the employer, you will have website access to real-time reports, information, and account access for participants 24/7.
Get a quote today by giving us a call at 800-724-7668 or by completing the form on the right side of the page.
Need assistance filing your taxes with an HSA? Please call us at 800-724-7668 or use our product partners website to assist you with tax forms.