Health Savings Accounts

Health Savings Accounts are Trust Accounts that have almost the exact same reporting requirements for contributions and distributions with the IRS as IRA accounts. But HSAs aren't getting the respect they deserve!

HSA owners don't always use HSAs for the purposes required because in most cases the product is a transaction account similar to other accounts the owners have. Moreover, many financial institutions treat these accounts as regular DDA accounts regarding transactions being handled on the teller line with no clue how, when or even if the contributions are being reported correctly.

With misunderstanding of the rules, regulations and obligations of the fiduciary responsibilities of custodians or trustees for HSA accounts, there are so many mistakes by financial institutions that if the IRS ever truly initiated HSA audits, most likely there would be millions of dollars assessed on incorrect IRS reporting by banks and credit unions.

It's time to get a handle on these tricky products and get some fail-safe policies and procedures in place to clean up the current messes and move forward in the right direction. Whether you now offer HSAs or are thinking about offering HSAs, this webinar will give you the information you need to set up these accounts correctly and perform proper maintenance and reporting.

Covered Topics:

  • What are the 5 mandatory requirements for HSA eligibility?
  • What is the definition of a HDHP?
  • What are the contribution limits for 2016?
  • What responsibilities does your financial institution have to monitor qualified medical expense withdrawals?
  • How do you handle overdrafts in an HSA account?
  • What kind of account should HSA money be invested in?
  • How do you handle excess contributions and re-deposit medical expense reimbursements?
  • What are the IRS reporting requirements for HSA contributions and distributions?
  • What are the 4 major "trouble spots" for HSA accounts and the recommendations to solve the problems?

Who Should Attend?

New Account Representatives, Certificate of Deposit Personnel, Savings Counselors, Accountholder Service Representatives, Investment and Trust Personnel who are involved in the opening, selling, marketing, or administration of HSAs. Any officer/manager who "oversees" the New Account department and may be responsible for answering HSA accountholders questions or concerns but does not actually open HSA accounts.
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   OnDemand Recording - $295   
   CD-ROM - $345