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Infinisource
Adds Individual Health Savings Accounts to
Consumer Driven Health Care Product Menu
COLDWATER,
MI - In response to the increasing popularity of Health Savings Accounts,
Infinisource, Inc. has added individual HSAs to its list of consumer driven
health care vehicles.
Infinisource,
a national employee benefits administration and compliance provider, introduced
its group HSA product in late 2004. The individual version of the product will
be available for people who would like to take advantage of this powerful
health care resource on their own.
HSAs
are paired with qualifying high deductible health care plans. Many people are
now experiencing first hand the benefits of choosing a high deductible plan.
Not only do they have access to the same level of health care, but they also
save significantly through lower premium costs.
Infinisource
Inc. partners with Alliance Benefit Group to offer its innovative HSA solution,
which boasts market driven interest earnings on accounts.The service uses The Charles Schwab Trust
Company as custodian for the pre-tax account contributions and allows
participants to pair it with any qualifying high deductible health plan. Most
HSAs on the market funnel the account dollars into standard bank accounts with
nominal interest rates.
Our
experience so far with HSAs is that although many employers are researching
HSAs to add to their group health care plans, many won't be able to add the
offering until their next open enrollment," said Infinisource Vice President of
Business Development Charles Koser. "By offering HSAs to individuals we are
opening up this opportunity for people who are already eligible to start an HSA
without waiting for it to be added to a group health plan package or for those
who aren't on a group health plan."
Koser
added that different people use an HSA in different ways. For some, it may be
used as a spending account to cover out-of-pocket expenses. For others, it can
be used as a savings account to cover medical expenses in retirement. "It
depends on the person, what stage of their career they are in and what their
needs are," Koser said.
Once
the HSA is set up, the participant decides when and how much to deposit in
their account.
Infinisource
offers a more powerful and flexible solution than most other products
available. "By using The Charles Schwab Trust Company to house these HSA
accounts, it makes it possible for a participant to get market driven earnings,
something many HSA participants desire anyway," said Koser. Employees are also
offered a fixed rate of return option.
Another
feature of the Infinisource HSA is participants' instant access to funds at
point of purchase using the SmartFlex debit card.
Congress
created HSAs in an attempt to lower the cost of health care plans. The plans
rely on encouraging participants to become cost conscious consumers of health
care benefits by converting insurance paid first dollar benefits to visible
charges paid from each participating employee's HSA. Participants retain unused
amounts in the HSA account, which may be rolled forward without tax to meet the
needs of payment for services in later years. Participants control the use of
their account and may even use it for "non-qualified", non-medical expenses, in
which case the distribution is taxable.
For
more information on the Infinisource HSA, call 800-779-6384 or email solutions@infinisource.net.
Alliance
Benefit Group, headquartered in Peoria, IL, has independently owned and
operated offices in more than 15 cities across the United States and provides
retirement plan services for more than 3,300 plans with more than $5.9 billion
under investment management. Alliance Benefit Group strives to provide
employers with the "perfect plan" through knowledge and independence.
Infinisource is a leading
provider of employee benefits administration solutions in the United
States.Services include COBRA, HIPAA,
FSA, Health Reimbursement Arrangements, Premium Billing and Enrollment and
Eligibility.Founded in 1986 to ease
the administrative complexity of COBRA compliance for employers, Infinisource
serves more than 1 million insured in 48 states, and has educated 225,000
people in employee benefits administration compliance. For more information,
please visit the Infinisource web site at www.benefitsolved.com, call
800-779-6384 or email solutions@infinisource.net.
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