Health Savings Accounts are tax-advantaged IRA-type custodial accounts that can be contributed to by, or on behalf of, “eligible individuals” who are covered by certain high-deductible health plans (HDHPs) to pay for certain medical expenses of the eligible individuals and their spouses and tax dependents. An HSA-eligible individual can make contributions (up to statutory limits) to an HSA and get a tax deduction, which reduces an individual’s adjusted gross income before itemized deductions are considered. Investment earnings on HSA funds generally are tax-free. HSA funds withdrawn for qualified medical expenses are completely tax-free. Employers who contribute to their employees’ HSAs or offer HSAs under a Cafeteria Plan receive a federal tax deduction for those contributions.
Medcom’s HSA solution is offered in conjunction with a partnership with PNC Bank. There are investment options available through PNC. We offer a one-debit card solution that
will accommodate multiple benefits on the same debit card, such as a Limited FSA and/or Dependent Care Assistance Plan. We also offer participants 24/7 online access, including BillPay options and the ability to make additional, after-tax, contributions into the HSA.
Medcom is a Shortlister TOP VENDOR for 2020 Q3! We continue to be at the top of the list in 2020 for our HSA Administration and ACA Reporting Software. Shortlister is the #1 marketplace for employers and consultants to find and select providers in the benefits administration field. To determine top vendors, Shortlister evaluates company size and stability, business performance, and market presence, also known as "buzz factor." Medcom is excited to once again receive this recognition!