The Oxford Health Savings Account:Banking · • Best of all, accounts earn a guaranteed 4%...
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MS-05-1474 7944 R2 Your next smart decision If you are looking to offer your employees a cost effective health plan and motivate them to save money for future health care needs, Oxford has just the plan for you. Oxford’s Health Savings Account (HSA) combines Oxford’s medical coverage with Health Savings Account management from Exante Bank*, Member FDIC. Exante Bank is a leading issuer of Health Savings Accounts and knows what it takes to set your group up successfully. All account holders receive: • No Set-up fee! • Discounted monthly administration charge • Ability to invest HSA dollars in investment funds • Best of all, accounts earn a guaranteed 4% interest rate! Follow this step-by-step guide to find out how easy it is to enroll your employees in an Oxford HSA! Here’s what you need to do to get your employees started 1. Purchase the Oxford ® HSA Direct SM or Oxford ® HSA Exclusive SM plan from Oxford Health Plans. 2. Complete the Oxford HSA Employer Notification Form. Check the box indicating that you want Exante Bank to administer your employees’ HSA accounts. 3. Send the Employer Notification Form to Oxford with your Group Application or renewal paperwork. 4. We will initiate the employee application process as you have indicated on the Employer Notification Form. New! Investment Options for 2007! • Any Exante Bank HSA Member with $2,000 in his or her HSA account can begin to self-direct additional funds in investments with an average Morningstar rating of 4.57** • No additional cost to invest • Member must keep $2,000 liquid in HSA account for eligible medical expense reimbursement • These funds remain in the interest-bearing FDIC-insured account • Investment sweeps made in $100 minimum increments • Exante Bank customer service line expanded to autolink investment partners For more details contact your Oxford Sales Representative. Employer Contributions to the HSA While you are not required to do so, many employers find that making cash contributions to the HSA motivates enrollment and leads to a more positive experience with these new plans. If you decide to contribute to your employees’ HSA, you need to make the following decisions: 1.How much will you contribute? • You can make a cash contribution to each employee’s account • You can elect to cover the monthly maintenance fee through an additional contribution 2.How often would you like to make contributions? • One time at the beginning of the contract year. • By payroll period • Quarterly • Other schedules 3.How will these contributions be transferred to Exante Bank? • Automated Clearing House (ACH) through your payroll company (e.g.,ADP, Paychex, etc.) • Check • Wire transfers Employee Contributions to the HSA Although employees are not required to contribute to the HSA, many may elect to do so. Here’s how it works: 1. Notify your employees that they can fund the HSA through payroll deductions. 2. Supply employees with the Payroll Election Form from your payroll company. 3. Employees elect their per-pay-period deduction. 4. Funds are debited from the employee’s paycheck on a pre-tax basis. For funds to be debited via payroll deductions, employers must have an existing relationship with a payroll company, such as ADP or Paychex. A cafeteria plan enables these funds to be deducted from payroll on a pre-tax basis. The Oxford Health Savings Account: Banking *Exante Bank is a Utah-State Chartered industrial loan corporation located in Salt Lake City and was chartered in January 2002 by UnitedHealth Group. **Average Morningstar rating is subject to change
Transcript of The Oxford Health Savings Account:Banking · • Best of all, accounts earn a guaranteed 4%...
MS-05-1474 7944 R2
Your nextsmart decision
If you are looking to offer your employees a cost effectivehealth plan and motivate them to save money for future healthcare needs, Oxford has just the plan for you. Oxford’s HealthSavings Account (HSA) combines Oxford’s medical coveragewith Health Savings Account management from Exante Bank*,Member FDIC. Exante Bank is a leading issuer of HealthSavings Accounts and knows what it takes to set your groupup successfully. All account holders receive:
• No Set-up fee!
• Discounted monthly administration charge
• Ability to invest HSA dollars in investment funds
• Best of all, accounts earn a guaranteed 4% interest rate!
Follow this step-by-step guide to find out how easy it is toenroll your employees in an Oxford HSA!
Here’s what you need to do to get your employees started1. Purchase the Oxford® HSA DirectSM or Oxford® HSA
ExclusiveSM plan from Oxford Health Plans.
2. Complete the Oxford HSA Employer Notification Form.Check the box indicating that you want Exante Bank toadminister your employees’ HSA accounts.
3. Send the Employer Notification Form to Oxford with yourGroup Application or renewal paperwork.
4. We will initiate the employee application process as youhave indicated on the Employer Notification Form.
New! Investment Options for 2007!• Any Exante Bank HSA Member with $2,000 in his or her
HSA account can begin to self-direct additional funds ininvestments with an average Morningstar rating of 4.57**
• No additional cost to invest• Member must keep $2,000 liquid in HSA account for
eligible medical expense reimbursement• These funds remain in the interest-bearing FDIC-insured account• Investment sweeps made in $100 minimum increments• Exante Bank customer service line expanded to autolink
investment partners
For more details contact your Oxford Sales Representative.
Employer Contributions to the HSAWhile you are not required to do so, many employers find thatmaking cash contributions to the HSA motivates enrollmentand leads to a more positive experience with these new plans.If you decide to contribute to your employees’ HSA, you needto make the following decisions:
1.How much will you contribute?
• You can make a cash contribution to each employee’saccount
• You can elect to cover the monthly maintenance feethrough an additional contribution
2.How often would you like to make contributions?
• One time at the beginning of the contract year.
• By payroll period
• Quarterly
• Other schedules
3.How will these contributions be transferred to Exante Bank?
• Automated Clearing House (ACH) through your payroll company (e.g.,ADP, Paychex, etc.)
• Check
• Wire transfers
Employee Contributions to the HSAAlthough employees are not required to contribute to theHSA, many may elect to do so. Here’s how it works:
1. Notify your employees that they can fund the HSA through payroll deductions.
2. Supply employees with the Payroll Election Form fromyour payroll company.
3. Employees elect their per-pay-period deduction.
4. Funds are debited from the employee’s paycheck on a pre-tax basis.
For funds to be debited via payroll deductions, employers musthave an existing relationship with a payroll company, such asADP or Paychex. A cafeteria plan enables these funds to bededucted from payroll on a pre-tax basis.
The Oxford Health Savings Account: Banking
*Exante Bank is a Utah-State Chartered industrial loan corporation located in Salt Lake City and was chartered in January 2002 by UnitedHealth Group.**Average Morningstar rating is subject to change
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The Oxford Health Savings Account (continued)
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Your nextsmart decision
This reduces payroll taxes for both you and your employees. A payroll consultant is available at Exante Bank to help youwith any questions you may have regarding this process.
If you do not have an existing relationship with a payroll company, funds may be received from account holders bycheck. You, as an employer, will not be involved in these transactions.
Administration FeesMonthly maintenance fee:
The $3 per account per month maintenance fee is debitedfrom each account holder’s account on the last business dayof the month.
Your set-up fee is on us!
As a valued Oxford Health Plans HSA member your one-timeset-up fee will be waived when you open your account withour preferred banking partner Exante Bank. The one time set-up fee will be waived for all members with a 2007 HSAeffective date.
Additional pre-tax contributions, beyond the annual HSAfunding limits, may be made to cover any administrative costs.
Employee HSA EnrollmentOPTION 1: Employees enroll online a ExanteBankHSA.com.(Note: this is the preferred option, resulting in the quickestenrollment turnaround time!)
While most employee information is gathered online in thisoption, your employees are opening a bank account. Therefore,by law, a signature is required. To provide Exante Bank with asignature, employees have the following options:
• Print the completed online enrollment forms, sign themand mail them to Exante Bank.
• If printing capability is not available, Exante Bank will mailpre-populated forms to the employee for a signature.
OPTION 2: We will electronically send a PDF file of theenrollment materials that the plan administrator will print anddistribute to the employees. Employees will complete and signthe forms and return them by mail to Exante Bank.Alternatively, you may elect to gather the forms from youremployees and send them to Exante Bank in one batch.
OPTION 3: Exante Bank will provide you with enrollment kits,which you can distribute to your employees. Once theemployees have filled out and signed the enrollment materials,the employees can mail them back to Exante Bank in the business reply envelope enclosed with the enrollment materials.
OPTION 4: Batch enrollment is available if a group has thecapability to do so.
Your next smart decisionEnrolling in an Oxford Health Savings Account is simple andstraightforward. Simple for your employees. Simple for benefitsadministrators. Simple for groups. That’s why an Oxford HSA isyour next smart decision.
• The Oxford quality you know and trust
• Easy HSA banking by Exante Bank
• No set-up fee
• Saves you administration time and money
Want to get started and enroll in an Oxford HSA? For moredetails, contact your broker or your Oxford sales representative, orvisit www.oxfordhealth.com.
