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#2217721 - 07/16/19 01:21 PM HSA Accunts and Dormant Fees
JobSecurity Offline
Platinum Poster
Joined: Oct 2009
Posts: 586
Can someone from Arkansas point me to the specific code where I can find if we are allowed to charge dormant fees on HSA accounts. I sometimes have trouble researching State items.

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#2217733 - 07/16/19 04:00 PM Re: HSA Accunts and Dormant Fees JobSecurity
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,325
Galveston, TX
There are no separate rules for HSA accounts.

You have to first meet the requirements of § 18-28-205. Dormancy charge - so it needs to be clearly spelled out in your account agreements.

Second, I assume that the HSA is truly subject to the abandonment clock running, such as the periodic statements being returned undeliverable under d(iv) of § 18-28-202. Presumptions of abandonment.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2217749 - 07/16/19 05:07 PM Re: HSA Accunts and Dormant Fees JobSecurity
JobSecurity Offline
Platinum Poster
Joined: Oct 2009
Posts: 586
Thank you!

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#2219573 - 08/12/19 08:46 PM Re: HSA Accunts and Dormant Fees JobSecurity
Soonergal Offline
Junior Member
Joined: Aug 2014
Posts: 35
Isn't the intent of an HSA to be hopefully an unused account that might be inactive in your system if the customer and their covered dependents are healthy? Make very sure your dormancy disclosures cover your bases. One of my former co-workers has an HSA with over $60K in it as the family has been blessed with good health. She intends to use the funds as supplemental retirement money when she finally begins to withdraw the funds. We just call once a year to check in.

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#2219580 - 08/12/19 09:27 PM Re: HSA Accunts and Dormant Fees JobSecurity
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 80,325
Galveston, TX
The specific action that you or the customer has to take in order for them to not be eligible for escheatment to the State is really a State law issue and typically has nothing to do whether the account is an HSA or not.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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