We do this to establish accounts on the day that they open, allowing accountholders to reimburse for any out of pocket expenses from day one.
What is penny funding?
100
This is the document containing plan details that we complete in the beginning of a notional implementation.
What is the BDG?
100
These are the two tax forms that we provide to both the accountholder and the IRS.
What are the 5498-SA and 1099-SA?
100
This is the number of benefit eligible that a group must have to utilize FTP/SFTP.
What is 500?
100
This is the financial institution that we are a division of.
What is Webster Bank?
200
These are the 3 main types of contribution.
What are employee pre-tax, employee post-tax, and employer?
200
This notional product is funded by employer contributions only.
What is an HRA?
200
This is the form that accountholders file with their taxes to report their HSA.
What is the 8889?
200
Employers use this popular standard funding method to upload contributions through the Employer Portal and allow funds to be withdrawn from their designated bank account.
What is GOC?
200
These are the 3 locations where we have offices or call centers.
What are Sheboygan, Milwaukee, and Fargo?
300
These are the 4 eligibility requirements to have an HSA.
What are covered by an HDHP, not claimed as a dependent on someone else's tax return, no other insurance coverage, and not on Medicare?
300
This is additional time after the plan year ends, allowing employees to file for services incurred within the plan year.
What is a run out?
300
This is the tax penalty for excess contributions to an HSA.
What is 6%?
300
We as employers if they previously offered HSA's to find out if we will need to complete this process to move existing funds to accounts here.
What is a transfer in?
300
This is the original name of the company when it first started out in 1997.
What is State Bank of Howards Grove?
400
These rules allow for a full annual contribution in the current year if the accountholder remains eligible for the entire following calendar year.
What is the Testing Period/Last Month Rule?
400
This is an extension of the plan year, allowing addition time to incur new services.
What is a grace period?
400
This is the tax penalty imposed by the IRS when funds are not used on eligible medical expenses.
What is 20%?
400
We review this process, required to be ran on all accounts as part of the USA Patriot Act and banking regulations, to ensure all accountholders are verified.
What is CIP?
400
This popular rapper, with hit singles such as "Changes" and "California Love", was killed in September of 1996.
Who is Tupac?
500
These are the 3 states that do not offer HSA tax benefits.
What are California, Alabama, and New Jersey?
500
This notional product is currently only available in San Francisco, CA.
What is bicycle?
500
This is the tax penalty for violating the comparability rules by allowing extra contributions for one certain group of employees and not all.
What is 35%?
500
This sharepoint needs to be completed to set up a notional group.