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Health Savings Accounts offer increased flexibility to consumers versus other pre-tax accounts – deposits can be started, stopped, and restarted at any time; the amounts of the deposits can be increased or decreased at any time; and, one-time or direct contributions also can be made.
This incredible flexibility, while a plus for consumers, can cause headaches from a processing standpoint. Many benefit administration and payroll deduction programs do not handle this sort of variability in account contributions very well. Unfortunately, this lack of automated variable processing capability can make it more difficult to offer HSAs.
E-Duction can help you overcome that challenge through the use of our proprietary payroll deduction technology, which enables variable amounts to be automatically deducted from employee paychecks. In contrast to most existing systems that do not manage variability effectively, E-Duction communicates with most HRIS/payroll systems, including Oracle, PeopleSoft, SAP, ADP, Ceridian, Paychex, Tesseract, Lawson and others, to deduct variable amounts automatically from employees’ pay, move funds, and reconcile contributions. E-Duction also manages employer contributions into HSA accounts.
Depending on your needs, we can work with you to develop a customized HSA solution for your customers, you can adopt one of our off-the-shelf solutions, or we can simply provide back-of-the-house processing for your current products.
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