Health Savings Accounts - Annual Review and Potential Pitfalls

Health Savings Accounts have always presented a challenge to the custodians or trustees who offer them. We are used to having more control over products we have to report to the IRS. Unlike IRAs, HSAs are pretty much 'self-administered' by the client - which is the good and bad news. What is the bank's job when it comes to overviewing and maintaining Health Savings Accounts correctly?

Recorded Thursday,
January 26th, 2023
Presented by Patrice Konarik
2h total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Auditing
  • Compliance
  • Customer Service
  • Deposit
  • Deposit Accounts
  • IRAs
  • Reporting
  • Teller
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Teller
  • Trainer
  • Trust Officer

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Health Savings Accounts are celebrating their 19th birthday in 2023 and they still remain a mystery to both the clients who own them and the custodians/trustees who house them. While most of the bank's responsibility revolves around opening them correctly and providing contribution and distribution reporting to the IRS every year, we seem to get involved in 'fixing' the client's both intentional and unintentional mistakes. This webinar will clarify what is our job and what is the client's job in regard to paying attention to how much they are contributing and what distributions are being used for.

What You'll Learn

  • What are the 2023 Cost of Living Adjustments for HSAs?
  • What happens to the contribution limit when a customer enrolls in Medicare?
  • What expenses can be reimbursed from the HSA when paid out-of-pocket?
  • What is the 'once-in-a-lifetime' Health Funding Distribution (HFD) and how it is reported to the IRS?
  • What happens to the money in an HSA when the customer turns 65?
  • What is the difference in payout options between a spouse and a non-spouse beneficiary?

Who Should Attend

All employees who open and maintain Health Savings Accounts for their customer base as well as back office administrators and the operations department responsible for the reporting of HSA transactions. Call center employees who answer questions on HSAs are also encouraged to attend.

Patrice Konarik

Instructor Bio

Patrice M Konarik is president of Sunwest Training Corp founded almost 30 years ago and is located in the Texas Hill Country near San Antonio. With over 40 years of experience in the financial industry, Patrice has focused her expertise on the retirement account area and after 28 years on the road providing live training nationwide, is now concentrating on providing informational IRA and HSA Webinars through OnCourse Learning. She has a BS in Management Science from New York’s Binghamton University and previously held her Certified Financial Planner Designation for 23 years.