Health Savings Accounts are celebrating their 14th “birthday” and there has never been a more misunderstood product. While many HSA custodian and trustees have been more than patient with the HSA account owner’s “learning curve” creating extra work for the institution, it's time for the accountholder to take responsibility and PAY ATTENTION!!
For example, many HSA owners are using their HSA as a perpetual contribution account covering all of their medical (and non-medical) expenses without any concern with the annual contribution limitations. After receiving an excess contribution IRS penalty, they now want the custodian/trustee to go back 2-3 years and "fix it".
There are so many mistakes being done by accountholders and financial institutions creating hours of unnecessary corrections. It is time to get a handle on these tricky products and get some fail-safe policies and procedures in place to clean up the messes we have encountered and move forward in the right direction.
Whether you are now offering HSAs or are thinking about offering HSAs, this 2 hour extremely informative webinar will give you the information you need to make sure you are setting the accounts up correctly and performing the proper maintenance and reporting.
Topics Will Include:
- What are the 5 mandatory requirements for HSA eligibility?
- What are the NEW contribution limits for 2017/2018?
- What responsibilities does the financial institution have to monitor qualified medical expense withdrawals?
- What kind of account should the HSA money be invested in?
- How do we 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.
Instructor
Patrice M. Konarik is president of Sunwest Training Corp. founded over 20 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 30 years’ experience in the financial industry, Patrice has focused her expertise on the retirement and new account areas and is currently providing live training and Webinars on these subjects on a nationwide basis.
She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.