An independent health savings account administrator serving the needs of insurance carriers, employers and consumers, Sterling HSA manages the financial aspects of tax-advantaged health savings accounts. Sterling HSA offers administration services for health savings accounts (HSAs), health reimbursement arrangements (HRAs), flexible benefit plans (FSAs and transit/parking benefits), premium only plans (POPs) and COBRA.

Founded by health insurance industry experts, Sterling HSA offers a comprehensive range of services, including education, knowledgeable and personable customer service, claims & account supervision, payment of medical bills, the reporting necessary to establish and manage the HSA, and more.

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HSAs are like "medical" IRAs. They are tax-free accounts that individuals with an HSA compatible, high deductible health insurance policy can fund and use to pay for medical expenses. Because they are tax-advantaged and balances can accumulate over time, HSAs can also be used to accumulate savings.

HRAs, or health reimbursement arrangements, are owned and controlled by the employer. They represent the employer's commitment to pay for certain healthcare expenses for the employee and in some cases their dependents. Within the governance of IRS regulations of HRAs, employers set the funding and use of funds rules for HRAs. Employer reimbursements to employees are tax-exempt for participants and tax-deductible for employers.

Flexible benefit plans - healthcare flexible spending accounts FSAs, dependent care FSAs, and transit and parking benefits - allow employees to be reimbursed for qualified medical, dependent care, and transportation expenses using pre-tax dollars through payroll redirection. Both employers and employees benefit from the tax advantages of these plans.

Section 125 Premium Only Plans, often referred to as POP Plans, reduce income tax liabilities for employers and employees. This is because IRS Section 125 allows employees to pay their portion of medical insurance premiums and HSA contributions using pretax or tax-free dollars.

The Consolidated Omnibus Budget Reconciliation Act, COBRA, of 1985 requires employers of 20 or more employees to continue healthcare coverage for terminated employees and for surviving spouses, ex-spouses, and dependents of employees. The administrative burden of this requirement can be overwhelming. Proper notices and recordkeeping make this a perfect opportunity for outsourcing. Sterling establish and maintain an integrated COBRA and HIPAA system for your organization, including plan administration, required documentation, and adherence to the law's eligibility requirements.

For more information on high deductible health plans and how health savings accounts work, call Claremont Insurance at (800) 696-4543 or send your inquiry to info@claremontcompanies.com

You may also click here to access Claremont’s detailed and informative HSA Resource Center.

For specific information on setting up a health savings account, contact Sterling HSA at www.sterlinghsa.com.

For additional information, please contact Claremont at 800.696.4543 or info@claremontcompanies.com