Not only does BASE® administer Health Savings Accounts (HSAs), but now BASE® offers an educational tool to help ease the burden on employers and to increase the overall engagement of participants. With My HSA Planner, employers will now have a tool for their employees that will explain the benefits of an HSA based on their unique lifestyle and financial goals.
The benefits of an HSA vary based on the lifestyle and financial goals of a current or potential participant, making it difficult, and time consuming, for employers to explain the benefits of an HSA in a way that resonates to help drive adoption and usage.
With My HSA Planner, BASE® can provide an easy-to-use decision tool that takes the educational burden off employers and helps both HSA and non-HSA participants learn:
- The benefits of a health savings account,
- Amount to contribute each year to optimize the benefit,
- And the potential savings over time
My HSA Planner is great for both new and existing HSA clients to learn more about the benefits of the HSA, how much they should be contributing, ways to optimize their benefits, and what their savings could be into the future.
To start, My HSA Planner will ask a series of questions that will provide personalized results. Some of those results are recommended contribution amounts, an annual spending estimate, and charts that will show potential growth over time.
This tool will help employees see how the HSA will benefit their lifestyle and financial goals. Contact BASE® at 888.386.9680 regarding HSA administration and more information regarding this new tool to drive, engage, and utilize this great benefit.
For so many, the cost of putting children in daycare, nursery school, or care for an aging parent can be a significant expense. But employers can help by providing the BASE® Dependent Care Assistance Plan (DCAP) to help employees pay for their eligible child and dependent care expenses. Employers offering this type of benefit are allowing employees to be reimbursed with tax-free dollars for eligible dependent care expenses so that the employee and his or her spouse may work.
The BASE® DCAP allows employees to use tax-free dollars to pay for their employment-related dependent care expenses. No matter the dependent care service, children, disabled spouse, or legal dependents, the BASE® DCAP provides additional financial assistance to take care of dependents (children, disabled spouse, or legal dependents), tax-free.
What are eligible expenses?
In general, expenses that are in connection to keeping the participants gainfully employed, such as…
- Before and after school programs
- Daycare
- Adult and elderly care programs
What are ineligible expenses?
In general, expenses that have nothing to do staying gainfully employed, such as...
- Schooling for a child in kindergarten and above
- Babysitter when the participants want to go to out for dinner and to the movies on a Friday night
- Payment for care when the participant is not legally responsible for the child or adult requiring care
Even though the BASE® DCAP is considered an employer-provided plan, the pre-tax contribution from the employees not only reduces the employee’s payroll taxes, it also reduces the employer’s share of payroll taxes resulting in a financial benefit for the employer too. The employees can continue to work, establish funds, and pay for their dependent care costs. With the funds being transferred on a pre-tax basis, employees save on federal, state, Social Security, and Medicare taxes, thus the employees will also see an increase in their take-home pay.
The BASE® DCAP helps the employer enhance their benefits package by helping make dependent care more affordable for their employees. The addition of this benefit can help recruitment and retention of employees. Click here to watch a short video and learn more about the BASE® DCAP or call 888.386.9680.
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