Health Savings Accounts (HSAs) provide attractive incentives for employers of all sizes, putting health care decisions back in the hands of consumers. HSAs reduce employer expenses, allow employers to offer better benefit packages to their employees and provide employees with flexible choices and tax advantages.

With all the rules and regulations involved with HSAs, you don't want employees left with just a bank account and a checkbook and nowhere to turn for assistance or answers to their questions. That’s why eBenefits Administrators partnered with The Bancorp Bank and Evolution Benefits to build a full service HSA administration platform that’s more than just a “bank account.” The unique concept behind myHSAonline.com allows for comprehensive administration on behalf of the employer and the account holder, enabling dynamic HSA services that other solution providers can’t (or won’t) offer!

myHSAonline.com allows 24/7 online access to the following:

• Account balances & history
• Deposit & withdrawal capabilities
• Important forms & documents
• Up-to-date payment history
• Recent news & benefits updates
• Account statements
• Investment options

Employers and employees will benefit from myHSAonline.com in many ways!

• Tax-advantaged - Contributions are tax-free, potential interest gains accumulate tax-free and distributions are tax-free when used to pay for qualified medical expenses.
• Flexible - Funds can be used for non-medical expenses. At age 65, any remaining HSA funds can be withdrawn for non-medical reasons without penalty. Ordinary income tax will be charged on the money withdrawn for non-medical reasons.
• Portable - The remaining balance rolls over from year to year. Accounts move with employees even if they change employment or retire.
• Convenient - The Benny™ Prepaid MasterCard® provides employees with an easy way to access HSA contributions.
• Independence - Many employers like the long-term viability of an independent administrator, since many health plans administer the HSA portion of a plan directly or via a subsidiary. The relationship the employer has with their HSA administrator or HSA custodian remains consistent along with all plan processes and resources, even if the employer switches to a different insurance plan.
• Savings solution for future health needs - Unused contributions accumulate and can be saved and used for future medical expenses or to supplement retirement income. For example, unused funds can be used to pay COBRA or other medical insurance premiums during periods of unemployment or temporary layoff.
• Customized banking solutions - Our world-class trustee partner, The Bancorp Bank, is a publicly traded, FDIC-insured financial services provider that specializes in delivering privatelabel, Internet-enabled banking services to affinity groups nationwide. This partnership enables us to provide clients with a customized banking experience via myHSAonline.com.
  • Investment options - Employees can select from a spectrum of investment options to match their preferred investment style.
  • Record keeping - Trustees process HSA deposits and withdrawals, post transactions, and prepare and distribute bank statements.
  • Checkbook option - Checks provide an alternative way to access HSA funds.
  • Regulatory services - Trustees will perform year-end reporting on required IRS forms.
• Plan Service Provider - Account holders also have a personal assistant known as a Plan Service Provider (PSP). As a PSP, eBenefits Administrators is authorized by the trustee, The Bancorp Bank, to help account holders set up and manage their accounts in the most beneficial and compliant manner possible.

Debit Card Access
The Benny™ Prepaid MasterCard® provided by Evolution Benefits provides employees with a convenient way to access their HSA contributions. Each employee will get a Benny™ Card they can use for easy payment of qualified HSA medical expenses at the point-of-service. Funds are transferred immediately from the HSA at the point-of-service.

If you have questions on myHSAonline.com, please visit our FAQ page.