With HealthEquity’s Balance Booster program, employees gain early access to planned HSA payroll contributions. Balance Booster funds are made available to employees beginning on ‘Day One’, without having to fully fund the accounts. Mid-year enrollees also have access to the funds. As contributions are made, the available Balance Booster funds are reduced, keeping the available account balance the same until the contributed funds exceed the amount of balance booster.
Beginning on the first day of the plan year (or the first day of eligibility), all HSA participants may access 100% of the predetermined Balance Booster amount for qualified medical expenses. Fortunately, you only need to provide a portion of these funds up-front to HealthEquity. An initial reserve of funds is established with HealthEquity to cover Balance Booster advances. As advances are accessed, this reserve is replenished when needed. Because it isn’t a loan or line of credit, all employees can have access to Balance Booster funds based on your program’s design. Periodic reporting is provided to you, outlining the employees with outstanding advances.
Balance Booster is easy and convenient for employers, with little additional management or paperwork required. For employees who access Balance Booster funds, future contributions to their HSAs made through payroll deduction are used to offset the advance. If an employee terminates before the advance is repaid, your company’s policy dictates how the advance is recouped.
Meet Thomas:
During his first month with an HSA-qualified plan:
Thomas thrives with Balance Booster:
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