An HSA Enhanced is a version of pay-as-you-go. Instead of making regular contributions to the HSA, you start by providing us with a reserve (generally an estimate of two months’ worth of claims, or ¼ of the annual contribution). Each month, we then bill you based on the actual claims paid.
The big advantage of a Blendable HSA Enhanced over other providers? Cost control. Instead of paying unlimited claims, we let you allocate amounts to each plan member. This way, you don’t have to provide the money up front, but you’ll know the maximum you could be billed.
You can allocate funds to plan members annually or monthly, just like with any of our other HSA options.
Benefits
- Flexibility for plan members
- Pay only for claims as they are incurred
- Plan sponsors keep ownership of funds
- Simple administrations
- Complete cost control for plan sponsors
How it fits in today's market
- If your business isn't as stable as you want it to be, add some stability with an HSA Enhanced. It also provides:
- True equity
- Flexibility
- Cost control
The selling opportunities:
- Robust coverage with a no-sweat pay-as-you-go model
- Businesses looking to provide benefits at a cost they can afford. No more no less.
- Clients you already manage financially
- Clients fed up with ever-increasing premiums
- Clients that can afford the up and downs and would rather spend their premium dollars elsewhere
Details
Minimum Group Size
5
Minimum Contributions
$75/member/month
Fees
- 12% on contributions
Advisor Compensation
Recommended: 4% but variable (fee will change accordingly based on our 6% fee)
Eligible Expenses
CRA defined health expenses. Expenses can be reimbursed using funds contributed in the current Benefit Period.
Unused funds at end of Benefit Period
Plan sponsor reserve is held to pay future claims. Plan member notional HSA balances are reset.
Unused funds when member leaves
Members have 30 days to submit claims, then funds are returned to plan sponsor.
Eligible Dependants
Related by blood, marriage, or law who are financially dependent on member