Overview
Funds in a Health Savings Account (HSA) are employee-owned and permitted for investment.
Employees can access investing directly in the Benepass app, so managing Health Savings Account (HSA) funds and investment activity happens in one place.
How investing works
After an employee opens their HSA, they can apply to open an investment account. Once the application is reviewed and approved, the investment account will be available in the Benepass app.
Employees are then able to:
Transfer funds from their HSA into the investment account
Invest the transferred funds
Move funds back into their HSA
Employees can view and manage these actions on web or mobile.
All investing activity is managed directly by the employee. Employers do not approve or manage investment activity.
Investment configurations
Employers choose from three investment configurations:
Option 1 — Core Fund Lineup: A pre-approved set of 15 ETFs available out of the box.
Option 2 — Customized Fund Lineup: A custom lineup built with Benepass, approved by our RIA.
Option 3 — Self-Directed Portfolio: Users can select from a broad menu of securities traded in the NYSE, NASDAQ, and ARCA. There are currently 5,000+ available securities, so this is a great option for sophisticated investors who want to assemble their own lineup.
Options 1 and 2 are recommended for clients with trading restrictions or novice investor populations.
Fees and limits
Employees must maintain a minimum of at least $100.00 in their account after making a deposit in their investment account, and deposits must be made in increments of $25.00 or greater.
Benepass does not charge administrative fees directly to employees for investing.
However, employee investments are still subject to standard investment-related fees, such as fund expense ratios and transaction or regulatory fees assessed on rebalancing activity. These fees are not charged by Benepass.