Have an HSA? Considering an HSA? Making sure your HSA works with your existing systems and providers is crucial. All enrolled employees and HSA administrators need one system of record. So that if you update one system, all of your systems are automatically aligned.
Making Your HSA Work With Your Benefits Admin Portal(s)
Getting your HSA should be as simple as the flip of a switch. Or maybe the click of a button? Benefits portals allow you to review, compare and select your yearly benefits offering. Once you outline plan options for employees, the real work begins.
Porting information from one platform and provider to the next allows you to go from selection to set up in minutes. Make sure all of your benefits providers, HSA included have that option, so you don’t get stuck in benefits platform jail!
While HSA integration with your benefits admin portal(s) needs to work, especially during open enrollment, your payroll systems might be just as high of a priority. HSA systems should sync with your payroll so that your accounting precision is perfect with respect to all employees and employer pre-tax HSA payroll contributions.
HSA Required Information and Contributions
With your benefits and payroll systems in check, the only last concern might be wasting your time with tedious employee management and updates. Who wants to add an employee’s basic info into 5 different systems? While not crucial for smaller employers, basic employer management can become a huge time-loss as your company (and employee base) grows. Tackle it now so you don’t get stuck wasting more and more time as you manage employee benefits.
Can a Lively HSA Help You?
At Lively, we have experienced the pains and struggles with non-compatible benefits systems.
Paperless administration is a requirement for any modern HSA provider. As such, we built that into our HSA from day 1. In fact, you can enroll any and all employees with paperless onboarding. To top that off, we are actively adding partners, like benefits admin portals, to make sure your HSA management is hands-off but high value.
We already sync with 9 of the 10 largest US payroll systems, among others. We take the hard work off your plate and drop it right into our laps. If your benefits or payroll provider isn’t mentioned above, we still might be able to make our HSA sync. We have gotten quite creative at integrating legacy systems with our modern HSA.
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.