Remember to activate and start using your new CapEd Mastercard Debit card. All Visa debit cards are now closed. Learn more about new Mastercard Debit and Credit cards.
Remember to activate and start using your new CapEd Mastercard Debit card. All Visa debit cards are now closed. Learn more about new Mastercard Debit and Credit cards.
Health Savings Account (HSA) for Employers
As an employer, you want your people to maintain a balanced and healthy well-being. At CapEd, we'd like to help you handle the financial aspects of that well-being with an employee Health Savings Account (HSA) Program.
A Health Savings Account (HSA) is a savings account used to save money to pay for deductibles, copayments, coinsurance, and other eligible medical expenses. These deposits are tax-free1 as long as the funds are used to pay for eligible medical expenses.
Providing an HSA plan for your employees results in many benefits for both your people and your business.
CapEd HSA, Powered by Lively
CapEd Credit Union has partnered with Lively HSA to provide a high-quality health savings account experience for your employees with robust online and mobile banking options. Helping your employees save for health expenses is made easier with us by:
- A comprehensive online dashboard - Your Lively admin dashboard serves as the single source of truth for your HSA program so you always have the latest information and actions needed.
- Automation & reporting - Effortlessly keep an eye on program performance with robust on-demand reporting and on automated alerts.
- Streamlined configurations - From funding to enrollment management, Lively works with you to design your HSA program so it's aligned with your existing tech stack and business objectives.
- A 360 service model - Our engaged team is with you every step of the way, from initial set-up and adoption to maximizing utilization and performance.
Why Lively?
CapEd Credit Union has always been committed to helping members improve their financial well-being. That's why CapEd is working with Lively, creators of the modern Health Savings Account (HSA). With Lively's top-rated HSA experience and accessible customer service, CapEd members can maximize healthcare savings with ease.
HSA Benefits for Employers
- Payroll tax savings - HSA contributions made through payroll are exempt from FICA taxes. When employees and/or employers contribute to HSAs through payroll, it benefits the employer.
- Plan premium savings - HSAs are designed to be offered alongside compatible High Deductible Health Plans (HDHPs), which generally carry lower premiums than other types of health plans.
- Recruitment & retention - Healthcare benefits are always one of employees' top-ranked important employer benefits. A high-quality HSA is a simple way employers can stay competitive with prospects and demonstrate commitment to employee wellness.
HSA Benefits for Employees
- No minimum deposit required
- No required monthly service charges
- Tax-free spending on eligible medical expenses
- Lower tax burden
- No transaction fees
- Earns dividends that are compounded and credited monthly
- Tax-free contributions and growth
- Long-term savings
- Go paperless with eStatements
Modernize Your HSA Program
It takes just minutes to get started with your CapEd HSA, powered by Lively. Click the button below to provide your company information on the Lively website, and someone will contact you with next steps:
Sign up for employer HSALively HSA Widget in CapEd eBanking
Managing your CapEd HSA, powered by Lively is now easier within CapEd eBanking. Using the Lively HSA widget, you will now be able to log into your HSA dashboard using single sign-on (SSO). This means you get to log in once, then get back to it any time you need to without the hassle of typing in your credentials.
Let's Benefit Your Employees
As you explore your options for HSA offerings, we offer plenty of resources to help you and your employees better understand how they can benefit from making an HSA part of their financial well-being journey.
Resources for Employers
Employee and employer contributions to HSAs are exempt from FICA taxes. Calculate your savings based on some information about your company.
The 10 Most Common HSA Questions. Link is a PDF document.
Questions are presented in ranked order based on the last 12 months of Lively data and anonymous Lively HSA account holders.
HSA Account Holder Insights. Link is a PDF document.
Learn how a HSA can better serve your clients and employees.
Health Benefit Trends in 2022. Link is a PDF document.
Get help understanding how to respond to trends that were seen in 2022.
Resources for Employees
Guide to Health Savings Accounts
Learn everything you need to know about getting a health savings account, as well as how to use it effectively.
Learn what you can and can't purchase with your Health Savings Account with this up-to-date list.
Optimal HSA Contribution Calculator
Use this calculator to figure out which type of HSA is right for your financial lifestyle and circumstance.
Use this calculator to figure out how much you'll save on taxes based on contribution amount with this online tool.
FAQs
The following is a list of some of CapEd's top member questions with answers to help you meet your needs faster:
A Health Savings Account is available to taxpayers who are enrolled in a high-deductible health plan. The funds you contribute to an HSA may not be subject to federal income tax at the time you deposit the funds. What's more, the funds you deposit into your HSA roll over year over year if you don't spend them, so you can save for short-term and long-term medical expenses. Find out about what expenses are elligible.
An HSA (along with an accompanying High Deductible Health Plan) has become a popular way for businesses to boost the bottom line without sacrificing employee wellness. A core part of any competitive benefits package, the HSA delivers tax savings for both you and your employees while helping employees prepare for the high cost of healthcare.
Education is key to driving employee adoption. Lively takes the burden of this off your plate by arming you with ready-to-use Open Enrollment information, a comprehensive "Welcome" email series, and robust self-service resources. That's why employees contribute almost 40% more on the Lively platform than the industry standard.
Our proprietary technology enables us to get your HSA program up and running in weeks, not months. And we are constantly innovating to improve the experience for you and your employees.
We don't believe in nickeling and diming. Other than the monthly administration fee (per enrolled employee per month), there are no additional hidden or mandatory fees for either you or your employees.
Yes! If you're curious about personal HSA options, check out our individual HSA page.
Questions?
If you have questions about CapEd Credit Union's offerings for Business members, visit our Business products and services page. If you have general questions about the account offerings or features of the Lively HSA app, our partners at Lively are ready to answer your questions via phone or email.
Disclosures
1 Consult a tax professional for guidance and tax advice.
