Health savings for your employees plus savings for you, all in one

A SelectAccount Health Savings Account (HSA) saves money for both you and your employees. It works with qualified high-deductible health plans to lower health insurance costs and reduce taxes. The contributions you make to your employees’ HSA are tax-free when offered through a cafeteria plan, so your company saves matching Social Security and Medicare taxes, which can add up to thousands of dollars each year.

• Choose from three HSA plan designs, including the market-leading Premium Saver.
• Save by reducing payroll taxes and substantially reduce your insurance premiums.
• Deliver more benefit dollars to your employees, including tax-free savings for sizable medical expenses like orthodontia.
• Allows employees to contribute pre-tax funds, which saves on their income taxes.
• Funds in an HSA roll over year-to-year which can create a sizable retirement nest egg for your employees.
• Support employee savings by choosing SelectAccount - a national HSA custodian who does not charge banking transaction fees.
• Investment options from leading mutual fund companies are available to your employees.
  

How the SelectAccount HSA works

Like a 401(k) for health, an HSA from SelectAccount is an easy, money-savvy way to help your employees pay for medical expenses. Employees own the account and either you or your employee (or both) can make tax-advantaged contributions. At the end of the year, if the money isn’t used, the balance simply rolls over to the next year, while the funds continue to earn interest.

Contributions you and your employees make to an HSA account are tax-free when offered through a cafeteria plan, so your company saves on Social Security and Medicare taxes, which can result in thousands of dollars in savings each year. More than half of all Americans with an HSA are contributing over $1,500 a year of their own money, which if contributed pre-tax could save over $100 for the employer in payroll-related taxes and $450 in tax savings for the employee in payroll and income taxes.*

*Individual savings may vary.

Put more flex in your budget

A SelectAccount Flexible Spending Account (FSA) allows your employees to deduct pre-tax dollars to pay for qualified medical and dependent care expenses. Employers who offer an FSA can take advantage of reduced taxes, while employees who participate reduce their taxable wages. The result? Huge savings for your company with added benefits for your employees.

• Save on payroll taxes while reducing your total payroll costs.
• SelectAccount offers seamless integration with other consumer directed accounts.
• FSA deductions are made automatically through your company’s payroll system.
• Your employees save on income tax.

How the SelectAccount FSA works

When you offer your employees a medical FSA from SelectAccount, the plan reimburses participants for eligible health care expenses with pre-tax dollars. A dependent care FSA reimburses participants for eligible work-related dependent care expenses.  Employees choose to set aside a certain amount of their pay to put into their FSA account. Then, their FSA funds can be used to pay for qualifying expenses such as childcare and co-payments.

Effective 2013, the Affordable Care Act requires a $2,500 maximum limit on employee payroll contributions for all medical FSA accounts.

With an FSA, both you and your employees benefit. You save on payroll taxes on employee contributions and employees’ taxable income is reduced by the amount they contribute to their FSA—saving both parties money.

Quality coverage, flexible benefits

The SelectAccount Health Reimbursement Arrangement (HRA) is a tax-advantaged benefit that allows both you and your employees to save on the cost of health care. An HRA lets you set aside a specific amount of pre-tax dollars for employees to pay for health care expenses on an annual basis. Contributions made to an HRA plan are tax-free to your employees.

• SelectAccount offers three flexible HRA designs to best fit your company’s goals—choose from HRA pays first, shared payments or employee pays first plans.
• Save money—any funds reimbursed from HRA plans are exempt from payroll and FICA taxes.
• Lower your premiums by choosing a high deductible medical plan.
• As the employer, you establish the expenses for which the HRA funds may be used.
• Give employees the financial incentive to control and manage their health care spending.

How the SelectAccount HRA works

As the employer, you design an HRA to best meet the needs of your company and employees. You decide annual employer HRA contributions, the amount employees are allowed to roll over from year-to-year, and what types of medical expenses are eligible for reimbursement.

Health savings plus investment options

If you are a member of the Minnesota Service Cooperatives, the VEBA Plan is a funded health reimbursement arrangement that allows employers to contribute money to a trust on your employees’ behalf.

The money in your employees’ accounts is theirs to use or save for eligible medical expenses. Accounts can be set up to allow your employees access to these funds now and into the future and/or access to these funds only upon retirement. It’s an interest earning account that can be used to pay for eligible medical expenses, including medical premiums. Your employees also have the option to invest a portion of their unused VEBA dollars in mutual funds selected for SelectAccount by an independent investment advisor.

How the SelectAccount VEBA plan works

Active employees
For an active employee, you can establish a VEBA to work with your high-deductible health plan. Employees can use the money in their VEBA account to pay health plan deductibles, co-pays and coinsurance as well as prescription drugs. If they do not spend the money by year-end, their balances will be rolled over, allowing them to accumulate funds over time and save for health expenses in retirement.

Post-retirement
With a post-retirement VEBA, you can contribute funds now to help employees, their spouse and eligible dependents pay for medical expenses after they retire. You can make contributions throughout their employment and you can choose to allow your employees to convert accumulated severance pay, sick pay and similar longevity-based benefits into contributions to their VEBA account.

Employees will be able to use their VEBA plan to pay for medical expenses, including the premium cost for continuing employer-provided health coverage or Medicare Part B. Medical expenses reimbursed by the VEBA account include the cost of deductibles, co-pays or co-insurance and prescription drugs.

(Note: The individual account is managed by the retiree and investment options are offered through SelectAccount.)

Affordable employee transportation + tax savings

A SelectAccount Transportation Reimbursement Account (TRA) gives your employees the opportunity to set aside a portion of their salary, pre-tax, to pay for certain work-related commuting expenses. By paying for these expenses with pre-tax dollars, employees decrease the amount of taxes they pay while increasing their take-home pay for the year. Plus, when you offer a Transportation Reimbursement Account, you’ll have the opportunity to take advantage of tax savings for your company.

How the SelectAccount TRA works

With a SelectAccount TRA, employees elect to have a portion of their pay withheld, pre-tax, and credited to an individual transportation account. From there, employees can later receive reimbursement, on a tax-free basis, for certain commuting expenses.

Employees can use the SelectAccount Transportation Reimbursement Account to pay for common transportation expenses. Employees have 180 days to submit expenses for reimbursement from their TPA.

• Qualified parking
• Mass transit, including trains, subways and buses
• Vanpooling and commuter highway vehicles

Plan for significant savings for you and your employees

The SelectAccount Premium Only Plan (POP) helps reduce your company’s costs by allowing employees to pay their portion of employer-provided health benefits with pre-tax dollars. As a result, both you and your employees save money.

• Save on payroll taxes when employees make pre-tax contributions, which decreases taxable pay.
• Facilitates employee cost sharing of employer-provided health benefits.
• Tax savings almost always cover the entire cost of administering a Premium Only Plan.
• Increase employees’ total take-home pay by using pre-tax dollars for employee paid premiums.

How the SelectAccount Premium Only Plan works

The SelectAccount Premium Only Plan allows for certain employee paid group insurance premiums to be paid with pre-tax dollars allowing you to save on payroll taxes. Since the dollars in a Premium Only Plan are contributed pre-tax, your employees’ taxable income is reduced, which increases overall take-home pay for your employees and saves your company money on payroll taxes.

More choice, greater savings

You don’t offer your employees a group health plan?  You can assist your employees by offering TaxSaver. TaxSaver allows your employees to select an individual policy from any health plan. You, as the employer, cover the administrative fees for this program and employee payments are tax-free, increasing their take-home pay.

• Employee payments are tax-free, lowering their annual taxable income, helping employees keep more of the money they earn.
• A SelectAccount TaxSaver account gives your employees complete control; they choose an individual health plan.

How SelectAccount TaxSaver works

With TaxSaver from SelectAccount, employees can select an individual policy from any health plan and make tax-free premium payments, saving money and increasing their take-home pay. With TaxSaver, you give your employees the ability to make their health care decisions. They choose the individual health plan they want and they choose which health plan they’d like to partner with. Plus, your payments on your employees’ behalf are tax-free, which puts more money back into your company.

These forms and materials are available for use by employers and agents. If you have questions about our products or how to complete a form, please contact us.

Brochures

Flexible Spending Account Plan Employer Brochure
Learn more about flexible spending accounts and their advantages for your organization.

FSA Employee Brochure
Employee brochure to understand the benefits of  flexible spending accounts.

HSA Reference Guide
Employee guide to understand the benefits of a health savings account.

Premium Only Plan Employee Brochure
Employee brochure - see the benefits of a premium only plan.

Premium Only Plan Employer Brochure
Employer brochure - see the benefits of a premium only plan.

Employer Forms

Employer ACH Authorization Agreement
Authorize SelectAccount to charge your bank account through the Automated Clearinghouse (ACH) for your claim payments

FSA Plan Design Guide
Design a SelectAccount flexible spending account plan that fits your organization's goals.

Group Contact Change Form
Use this form to indicate a change in group contact information with SelectAccount. This form must be completed by an authorized group contact.

Group Optional Features Change Form
Use this form to indicate a change on your existing group HSA plan design.

HRA Enrollment Form
Submit enrollment information to SelectAccount for the participants in the HRA plan.

HRA Plan Design Guide
Design an HRA plan that fits your organization's goals.

HSA Contribution Form
Use when submitting an HSA contribution check to SelectAccount to indicate the contribution amounts for the HSA participants.

HSA Plan Design Guide
Design an HSA plan that fits your organization's needs.

Location Addendum
Use this form to indicate multiple locations along with a plan design guide.

Premium Only Plan or TaxSaver Health Options PRA Plan Design Guide
Complete the pretax group insurance benefit plan design guide to sign up for a SelectAccount Premium Only Plan or the TaxSaver Health Options Premium Reimbursement Account.

VEBA Contribution Form
Use when submitting a VEBA contribution check to SelectAccount to indicate the contribution amounts for the VEBA participants.

VEBA Enrollment Form
Submit enrollment information to SelectAccount for the participants in the VEBA plan.

Member Forms and Materials

Authorization for Release of Information (ARI)

Claim Appeal Form

Debit Card Request Form

Dental Crossover Form

Dependent Care Expense Claim Form

Direct Deposit Form

FSA Eligible Medical Expense Listing

HSA Application

HSA Basic Investment Account Mutual Fund Options

HSA Beneficiary Designation Form

HSA Contribution Form

HSA Eligible Medical Expense Listing

HSA Individual Interest Rates and Pricing Sheet

HSA One Time IRA to HSA Rollover Request Form

HSA Rollover Form

HSA Transfer Request Form

HSA Withdrawal Request Form

Letter of Medical Necessity

Medical Crossover Form

Medical Expense Claim Form

Transportation Claim Form

Orthodontia Worksheet

Over-the-Counter Drugs Eligible Expense Listing

Pay-the-provider Election Form

PRA and TaxSaver Claim Form

Reimbursement Return Form

VEBA Eligible Medical Expense Listing

Spanish Member Forms and Materials

Formulario de Inscripcion para Medical Crossover - Medical Crossover Form

Autorizacion Para Deposito Directo - Direct Deposit Form

Opcion pagar al proveedor - Pay-the-provider election form

Formulario de Reclamo de La Cuenta de Reembolso de Gastos Medicos - Medical Expenses Reimbursement Claim Form

Cuentas de Gastos Flexibles Informacion Para Empleados - FSA Materials Instruction Sheet

Link to Forms on the Blue Cross and Blue Shield of Kansas Website (www.bcbsks.com)

Please note that clicking on this link will cause you to leave the SelectAccount website and send you to the Blue Cross and Blue Shield of Kansas website.