What is HSA Advance?
If you are looking to offer high-deductible health plans (HDHPs) with accompanying health savings accounts (HSAs), or seeking to increase participation in your existing offering, HSA Advance can make the transition easier for employees who may be hesitant to take on a plan with potentially greater costs up front. HSA Advance allows you to advance funds to employee accounts, when needed, to help cover healthcare expenses early in the year, even before employees’ payroll contributions begin loading into the account.
“Offer your employees a safety net and increase participation in your high-deductible health plan and health savings account offering with HSA Advance.”
How does it work?
HSA Advance is a simple way to offer advanced funds at no cost to employees. In four easy steps, your employees will have access to future HSA contributions, before they have had a chance to build their HSA balance, to pay for eligible medical expenses as well as the ability to seamlessly pay it back.
Step 1: You elect to participate in HSA Advance.
Step 2: You determine the amount of advance funds you would like to offer, and which employees you would like to offer the advance funds to, and the system is configured accordingly.
Step 3: Employees swipe their OCA benefits debit card as usual and if additional funds are needed, HSA Advance will automatically kick in.
Step 4: Future employee payroll deductions will apply toward paying down the used HSA Advance amount until it reaches zero.