Spending and Consumer Health Savings Accounts – HSA, FSA & HRA
With the rising cost of benefits and shrinking HR budgets, ADP’s complete suite of spending and reimbursement accounts offers practical cost-saving opportunities for your organization without compromising employee benefits. Whether your goal is to increase adoption of consumer driven health plans or maximize FICA savings, ADP delivers a user-friendly participant experience with the goal of enrolling more employees in your spending and savings accounts and keeping those employees enrolled.
For you: Flexibility and efficiency
ADP supports a full spectrum of spending and reimbursement accounts, including health savings accounts (HSA), health reimbursement arrangements (HRA), flexible spending accounts (FSA), and more. Our plans offer flexible options and multiple opportunities for cost savings. Our experts can even advise you on which plan types may work best for your organization’s needs.
ADP offers your organization:
- Flexibility–The ability to change your existing plans or add additional plans quickly and easily.
- Consolidation–Uniform administrative practices, data exchange, and performance reporting across all spending accounts, from one vendor.
- Independence–Switch health plan providers while leaving your current spending accounts in place, avoiding the hassle of starting over or re-
educating employees on a new program.
- Ease-of-Use–Automation of payroll data exchanges, simplified payroll contribution reconciliation, and expedited money movement.
For your employees: Convenience and simplicity
The success of any spending account program relies on your employees having an understanding of how their plans work. ADP provides your workforce with knowledgeable guidance and service.
ADP offers your employees:
- Consistency–Simplified participant experience with one debit card for all health accounts, one website, one mobile app and one customer service center.
- Education–Tutorials and user guides teach participants how to get the most value from their spending account.
- Convenience–A website that’s useful and familiar as their online banking experience, and a mobile app that helps users stay connected to their accounts, including the ability to snap a photo and upload receipts instantly.
- Choice–Account funds are accessed through a debit card, automatic reimbursement, or when needed, a reimbursement request which is processed and paid within an average of 7-to-10 business days.
A variety of plan types
- Health care and dependent care FSA
- Limited health care FSA
- Health Savings Account (HSA)
- Health Reimbursement Arrangement (HRA)
- Defined Contribution Account
- Premium Contribution Account
- Transit and Parking Account
- Taxable reimbursement accounts for special purposes such as:
- Tuition
- Gym memberships
- Adoption assistance
[Source: MetLife; 9th Annual Study of Employee Benefits Trend; 2011]