Health Equity specializes in health savings accounts (HSAs), flexible spending accounts (FSAs), and retirement healthcare solutions.
Usage: How We Use Health Equity
Health Equity is the platform we use to manage Health Savings Accounts (HSAs) for employees enrolled in a High Deductible Health Plan (HDHP). HSAs allow employees to set aside pre-tax dollars to cover eligible medical expenses, providing a smart way to save for healthcare costs while reducing taxable income.
- Eligibility & Enrollment:
- Employees who elect an HDHP during annual open enrollment are eligible to open an HSA through Health Equity.
- Enrollment and contribution elections are made through the Ease platform.
- Balefire’s HSA Contribution:
- As part of our benefits package, Balefire provides a one-time annual contribution of $500 to any employee who sets up an HSA with Health Equity.
- This contribution is made once per year after the HSA is successfully established.
- Payroll Contributions & Adjustments:
- Employees elect their HSA contribution amount during open enrollment.
- Contributions are deducted pre-tax from payroll, helping employees save money while covering healthcare expenses.
- Changes to contribution amounts cannot be made directly by employees. If an adjustment is needed, the request must be submitted in writing to the Accounting Department for compliance and record retention purposes.
- Using Your HSA:
- Employees can use their Health Equity HSA to pay for eligible medical expenses, including:
- Doctor visits & prescriptions
- Dental & vision expenses
- Medical supplies
- Deductibles & copays
- Funds in an HSA roll over year to year and can be used for future medical expenses—even in retirement.
- Employees can use their Health Equity HSA to pay for eligible medical expenses, including:
Why Employees Benefit from Health Equity:
- Tax Advantages: Contributions are pre-tax, reducing taxable income.
- Employer Contribution: Balefire supports employees with a $500 contribution for those who open an HSA.
- Flexibility & Long-Term Savings: Funds never expire and can be used at any time.
- Easy Account Management: Employees can log into Health Equity to track balances, submit claims, and manage their accounts.
Need to Adjust Your HSA Contributions?
- Employees cannot change their payroll contribution directly.
- All requests for adjustments must be submitted in writing to Accounting for compliance purposes.
By leveraging Health Equity, our firm ensures that employees enrolled in an HDHP have a tax-advantaged way to save for medical expenses, with the added benefit of Balefire’s $500 contribution to jumpstart their savings.