Why Offer Humana's HSA?
- Employers can deduct contributions to employees' HSAs
- Employers can contribute as much as they wish to employees' HSAs, tax-free, within IRS guidelines.
- Administration is easy - employees control their own accounts, so all the employer has to do is send employee payroll deductions to the account on behalf of the employee
Another key advantage of an HSA is that it encourages employees to shop for value and price in healthcare, just as they do with other purchases - a change in behavior that ultimately reduces your client's health benefits costs.
Humana's HSA Products
We offer two types of HSAs. Employees' interest-earning opportunities depend on the Humana HSA product their employer selects:
- Humana HSA ValueSM - An employee's account can grow in an interest-bearing savings account. This product does not have a monthly administrative fee.
- Humana HSA EnhancedSM - The account can grow in an interest-bearing savings account, a money market account, a wide variety of mutual funds - or all three. This product has a monthly administration fee, which can be paid for by the employer 100%, the employee 100%, or split between the employer and employee.
Find out more about Health Savings Accounts Get Product Information
Beginning Jan. 1, 2011, over-the-counter medications such as pain relievers, cough syrup, and allergy medicines will require a prescription to be eligible for reimbursement from an FSA or PCA. The HumanaAccess Card may not be able to be used to purchase OTC medications.
1 - Humana does not offer tax advice. Employers should consult their tax advisor for details on HSA deductibility. FSA, PCA, and HSA spending accounts are not insured benefits; they are a service administered by Humana Insurance Company.