HEALTH SAVINGS ACCOUNT STATEMENTS

Posted By: Marqann1

HEALTH SAVINGS ACCOUNT STATEMENTS - 02/04/15 04:51 PM

Our current health savings accounts are in a demand deposit product. Most are set up with a quarterly statement. Since there is electronic activity, is a monthly statement or interim transcript statement required as for a savings account?
Posted By: David Dickinson

Re: HEALTH SAVINGS ACCOUNT STATEMENTS - 02/04/15 05:21 PM

Anytime there is electronic activity (few exceptions), you must provide a monthly statement. If there is no activity, you must still provide a quarterly statement. Refer to 1005.9(b). This isn't limited to savings accounts.