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Consumer Driven Healthcare Plans
Question: What does the Bank need to know about reporting requirements associated with Consumer Driven Healthcare Plans?
Answer: The Bank may provide Health Savings Accounts (HSAs), and may also be authorized to manage and hold funds associated with Medical Savings Accounts (MSAs). MSAs were replaced by HSAs in 2004; however, existing MSAs are still fully active for account holders who have been "grandfathered" in.
Banks must educate their employees on the reporting requirements associated with:
- All contribution maximums, which will increase with inflation on a yearly basis.
- All distributions and returns of excess contributions to the accounts.
- Annual changes made to the regulations as released by the IRS.
- The penalties for non-compliance, which will increase with inflation on a yearly basis.
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First published on BankersOnline.com 4/28/08
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