Stay focused on running your business and keeping your employees happy. Here are the answers to some of the commonly asked questions we receive from clients we've worked with. Learn more about deductibles, how other employers are strategizing for their HSA programs and what happens when you have a new hire.
The higher your deductible, the more money you will save on premiums. Ask us for quotes on individual deductibles of $1,500, $2,000 and $2,600.
Many employers use the premium savings from the higher deductible plan to make HSA contributions to employees’ accounts. Employees should be encouraged to also use any premium savings under the new plan to help fund the HSA. The higher deductible plan works best when both the employer and employee contribute to the HSA.
First, contact your insurance agent or carrier to quote an HSA-qualified high deductible health plan. Then, contact The HSA Authority at Old National Bank to develop a plan for educating and enrolling your employees.
Provide your new hire with an Enrollment Packet and provide him or her with your Employer Code number. The participant can then visit our online HSA Enrollment Site to open his/her account.
Please note that your company should already have an HSA-qualified high deductible health plan. If you have questions, please contact us at 1-888-472-8697.
Termination: If your company is using HSA Express Deposit for deposits, simply remove the terminated employee from the deposit list.
Status Change: You do not need to notify Old National Bank of an employee’s status change, but you may need to adjust their contribution amount on your payroll system to avoid overfunding (for example – an employee changing from family to single coverage).
