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Health Savings Account

Health Savings Accounts (HSAs) are about to dramatically change the health care insurance industry, and Citi stands ready at the forefront of the HSA curve helping clients manage the myriad issues in constructing and supporting HSA solutions.

Essentially, an HSA is a tax-exempt trust or custodial account that is established specifically to pay for qualified medical expenses. An HSA can be offered through employers, or individuals can open their own through a bank. In either case, contributions to an HSA can occur after an employee has enrolled in a HDHP. The critical benefit to employees, however, is that contributions belong to a participant for life — no funds are forfeited at the end of a coverage period if they are not used. This makes HSAs an effective retirement planning tool, enabling individuals to establish savings for future qualified medical expenses.

Member Services

Easy enrollment. Employees can enroll online or via paper forms. Citi takes care of all processing, including batch processing for paper-based enrollment.

Multiple contribution options. Once enrolled, members can make contributions by:

  • Payroll Deduction. Members identify a set amount to be deducted from their paychecks on a regular basis.
  • Electronic Funds Transfer. Citigroup transfers funds electronically into a memberís HSA account based on a specific set of instructions.
  • Direct Deposit. Members can fund their HSAs via direct debit from their checking accounts.

Simple payment processes

Paying medical expenses is easy with flexible options for withdrawing funds, including:

  • Debit Card. When an HSA is established, employees receive a Health Savings Account debit card to use at physicians’ offices, pharmacies, health care facilities, etc.
  • Check. Members can opt to write checks against their HSA accounts to cover qualified expenses.
  • Online Bill Payment. Members can log on to their accounts and schedule single or recurring electronic check payments for their medical expenses.

Superior customer service

Citi makes it easy for employers and their employees to track HSA deposits, withdrawals and balances, as well as access information, statements, reports and forms:

  • Online. A secure, password protected Web site is available anytime of the day or night.
  • Toll-free 24/7 Hotline. For queries about deposits, withdrawals or balances, a toll-free IVR hotline is available 24 hours a day, 365 days a year.
  • Call Center Support. Live customer service representatives are available by phone Monday through Friday, 8:00 a.m. to 8:00 p.m. Eastern time.

Custodial services

Transaction support is provided for automatic deposits, claims payments and other transactions.

Reliable tracking and reporting is available to both employers and members, including full regulatory, tax and summary-level contribution reports for employers, and monthly account statements and year-end tax reports for members.

Data transmittal of enrollment, maintenance and transaction information, as well as instructions are executed in pre-established formats.

Competitive investment options. From simple interest-bearing accounts to self-directed investments in a broad array of mutual funds and equities, Citigroup gives employers and members a wide range of HSA investment choices.

Communications services

Packaging and mailing of member welcome packages as well as subsequent, ongoing information and updates can be managed and implemented by Citi.

Marketing and employee guideline support. We have developed a full battery of support materials that promote the HSA plan and educate employees on its benefits.