Can we issue a debit card on an individual HSA account to the spouse of the owner?
Does using the phrase "Health Savings Accounts" in an ad require us to disclose the fees with the account? We aren't saying it's a free account, just saying that we have Health Savings Accounts available.
I work for a small community bank and we are considering offering HSAs. My concern is that administration of these HSAs appear to require knowledge of terms of health insurance policy, terms of customers, whether distributions are qualified medical expenses, etc. I am not aware of any other bank product that requires that we keep track of this customer information. What is the extent of our obligation in this area?
What is your opinion on a financial institution that offers an HSA and only issues a debit card, if this is a savings account (non-transactional) then the electronic withdrawals are limited to six per month or statement cycle? Do you think the intent was for the account to bear the savings name and the account is actually classified as a DDA?