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Employer FAQs

General Questions

Employers were sent the following communications:

Our Member FAQ contains the list of communications set to employees. (See “I participated in your bank conversion. What communications were sent to me?”)

 

Enrollment Questions

The monthly premiums for HSA-qualified high deductible health plans (HDHPs) are usually lower than the premiums for traditional health plans, so if your company pays some or all of these premiums for your employees, you can expect to save with an HDHP. Talk with your insurance broker or benefits consultant about your options.

In addition to saving on monthly premiums, employers can save up to 10% on payroll taxes by contributing (and encouraging their employees to contribute) to an HSA.

Find out how much your company could save with our Employer Cost Savings Calculator.

We get this question a lot, and we’re happy to offer a few recommendations:

  • Ensure that monthly premiums for the HDHP are noticeably lower than the premiums for the traditional health plan. Make it worth the “risk.” With HDHPs, employees assume more responsibility for the cost of their health care. When employees have lower monthly premiums, they’re more likely to redirect the savings to an HSA, which reduces employees’ taxable income and employers’ payroll taxes. If you, as the employer, pay for some or all of employees’ premiums, you’ll save on health care premiums as well.
  • Pay the HSA administrative fee on your employees’ behalf. For employees, the fee can be an obstacle to opening an HSA. When employees participate in the HDHP and HSA, the employer pays less in health care premiums and payroll taxes, so the fee is easily offset.
  • Contribute to the HSA on your employees’ behalf. Again, when employees participate in the HDHP and HSA, the employer pays less in health care premiums and payroll taxes, so these contributions are easily offset.
  • Invite employees’ spouses to open enrollment and/or training meetings. When employees and their spouses hear the same information at the same time, the decision process tends to go more smoothly and results in fewer ongoing questions.
  • If you’re ready to sign-up now, simply complete our Group Sign-Up Form, and we will get your company set up and contact you regarding your enrollment and funding options.
  • If you’re shopping around, feel free to complete our Request for Proposal, and we will be happy to send you a proposal for our services.

After your company has been set up, and you have received your Employer Portal username and password, you can enroll employees online, via eligibility file upload or via paper enrollment form.

  • To pre-register an employee online, log into the Employer Portal, go to PARTICIPANT DATA > ADD PARTICIPANT, enter the employee’s information, then click ADD PARTICIPANT. The employee will receive an email with instructions for completing his or her enrollment online. After the employee completes enrollment, the account is ready to be funded.
  • To direct employees to enroll online, tell employees to click Enroll Now and log in with your company-specific enrollment username and password. After logging in, your employees should follow the steps provided to create their personal username and password and complete their enrollment. After employees complete enrollment, their accounts are ready to be funded.
  • To upload an eligibility file, contact us. With this option, employees’ accounts are opened immediately and ready to be funded (assuming that there are no issues with identity verification). Once the accounts have been opened, employees may log into their account, set up their personal username, password and other account information.
  • To enroll via paper form, ask employees to download, complete and submit our Enrollment & Agreement Form > Through an Employer Group. Please be aware that this option takes longer to process and is not preferred. However, we want to make the option available for those without Internet access or in cases when the eligibility file upload is not used.

After your company has been set up, you have received your Employer Portal username and password, and your employees have fully enrolled, you can fund employees’ accounts via ACH/EFT pull, wire or check.

  • To schedule an ACH/EFT pull, you must first log into the Employer Portal and upload your contribution file or enter contributions directly into the portal. (See “How do I upload a contribution file?” and/or “How do I contribute via direct entry?”) Then, follow the instructions for “How do I schedule an ACH/EFT pull?” Please allow 3‒4 business days for processing.
  • To send a wire, you must first log into the Employer Portal and upload your contribution file. (See “How do I upload a contribution file?”) Then, follow the instructions for “How do I send a wire?” Please allow 2‒3 business days for processing.
  • To mail a check, you must first log into the Employer Portal and upload your contribution file. (See “How do I upload a contribution file?”) Then, follow the instructions for “How do I send a check?” Please allow up to 10 business days for processing.

 

Employer Portal Questions

Simply log into the Employer Portal, then go to PROFILE > MY PROFILE > BANKING INFORMATION. Enter your banking information, then click Save Banking Profile. There are no forms required, and you may set up more than one bank account, if desired. (Watch our “how to” video.)

IMPORTANT: We cannot accept contributions for employees who are not enrolled. If you are not sure if your employees are enrolled, contact us.

First, we highly recommend watching our “how to” video.

Also, you may follow these written instructions:

  • Log into the Employer Portal.
  • If you plan to fund via ACH/EFT pull, save your banking information. (See “How do I save our company’s banking information?”)
  • Go to PLAN DATA > CONTRIBUTIONS, click the Excel icon to download your payroll contribution file template and follow these file formatting instructions.
  • After formatting, test your file to ensure that there are no errors.

To test:

  • For File Type, select Payroll Contributions, then click Browse to locate your file on your computer.
  • For Process Contributions, select “Test Payroll Contribution File (No records will be created).”
  • For Account Transfer Method, select Check (for testing purposes), then click Upload.
  • You will see error message(s) immediately if your file is not formatted properly. If this happens, correct the formatting, then test again.
  • In addition, you must go to REPORTS > JOB QUEUE to check for file content errors. If you see 2 reports, there are no issues with your employees’ information and you can proceed to the next step. If you see more than 2 reports, open the DCE and Interfaces Error Reports to determine the cause of the error (e.g., employee(s) not enrolled, incorrect Social Security number(s), etc.), then correct your file and test again.

After testing, return to PLAN DATA > FILE UPLOAD.

  • For File Type, select Payroll Contributions, then click Browse to locate your file on your computer.
  • For Process Contributions, select “Process Payroll Contribution File (Contribution records will be created).”
  • Choose the Account Transfer Method (e.g., ACH, wire, etc.).
  • Check the box authorizing the transaction, then click UPLOAD.

IMPORTANT: We cannot accept contributions for employees who are not enrolled. If you are not sure if your employees are enrolled, contact us.

First, we highly recommend watching our “how to” video.

Also, you may follow these written instructions:

  • Log into the Employer Portal.
  • Save your banking information. (See “How do I save our company’s banking information?”)
  • Go to PLAN DATA > CONTRIBUTIONS.
  • Enter the name, frequency and start date for your contributions. (NOTE: Recurring contributions are meant for groups that do not anticipate staffing changes for 6 or more months. If you anticipate changes, we recommend scheduling one-time contributions to ensure that you do not fund accounts for employees who no longer work for your company.)
  • Enter contribution amount(s) for employees directly into our website.
  • When finished, check the box to authorize the transaction, then click SUBMIT.
  • Review your information on the next page, then click SUBMIT again.

After your request has been submitted, we will begin processing your request on the NEXT RUN DATE, funds will be distributed to employee accounts on the NEXT PAYMENT DATE and employees will have access to the funds on the day AFTER the NEXT PAYMENT DATE. Please allow 3-4 business days for processing.

  • Log into the Employer Portal.
  • Save your banking information. (See “How do I save our company’s banking information?”)
  • Choose how you would like to provide contribution information. (See “How do I upload a contribution file?” and/or “How do I contribute via direct entry?”)
  • Select ACH/EFT as the Account Transfer Method and schedule the pull. Please allow 3-4 business days for processing.

IMPORTANT: The amount of your ACH/EFT must match your contribution information exactly, or there will be delays.

  • Log into the Employer Portal.
  • Upload your contribution file. (See “How do I upload a contribution file?”)
  • Select Wire as the Account Transfer Method.
  • Send your wire to the Vectra Bank account provided in the Employer User Guide. Please allow 2‒3 business days for processing.

IMPORTANT: When wiring money, the amount must equal the total on the contribution file exactly, or the wire will be rejected. Funds are distributed into employees’ accounts upon receipt.

  • Log into the Employer Portal.
  • Upload your contribution file. (See “How do I upload a contribution file?”)
  • Select Check as the Account Transfer Method.
  • Mail your check made payable to “FPS Trust” to: FPS Trust on behalf of HealthSavings, P.O. Box 3079, Englewood, CO 80155. Please allow up to 10 business days for processing.

IMPORTANT: When mailing a check, the amount must equal the total on the contribution file exactly, or the check will be returned. Funds are distributed into employees’ accounts upon receipt.