Health Savings Account

Words: 1369
Pages: 6

To outline the sales, enrollment, implementation, guidelines for opening an account, training roles and responsibilities, billing procedure and form completion process for Health Savings Account (HSA) services.

1.2 Scope
Treasury Management is committed to complying with the CTM Health Savings Account policy for the setup and ongoing maintenance of Health Savings Account customers.
A Health Savings Account (HSA) combines high deductible health insurance with a tax-favored savings account. money in the savings account can help pay the deductible. Once the deductible is met, the insurance starts paying. Money left in the saving account earns interest and is yours to keep.

1.3 Roles and Responsibilities
This procedure provides instructions
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o Health Savings Account (HSA) is an account created for individuals who are covered under high-deductible health plans (HDHP) to save for medical expense that their high-deductible health plans (HDHP) do not cover. o Contributions are made into the account by the individual or the individual’s employer and are limited to a maximum amount each year. Contributions come from the individual’s pre-tax income which helps decrease the individual’s tax liabilities. The contribution will also grow tax-deferred, and can be withdrawn tax-free to pay for qualified medical expenses. o Expenses covered by HSA are medical, dental, vision, prescription and some over-the-counter drugs. It also covered COBRA (Consolidated Omnibus Budget Reconciliation Act), retiree medical insurance premiums, LTC premiums or expenses. o Any individual or employee is qualified for an HSA, if they meet all the following requirements:
• Covered by a qualified high-deductible health plan (HDHP) and not covered by other health insurance
• Not enrolled in
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For existing clients, these forms will be completed by the Customer Service team. Review and verify the documents before the account setup. o For existing clients, Customer Service is responsible for scanning and uploading the PDF documents to the FileNet folder on the shared drive o Customer Service Representative is also responsible for updating the transmittal for both new and existing setup o Consumer-Directed Healthcare (CDH) Small
• Send New Client Notification Form to treasury@zionsbank.com . Zions’ implementations team will enter customer information into CYC’s system.
• After the information has been entered an email is sent to the customer administrator to complete the setup.
• The email needs to include the following:
 Legal documents that should be electronically executed
 Funding and billing process overview (information only)
 Instructions on drafting a benefit announcement (optional) o Consumer-Directed Healthcare (CDH) Large
• CYC will assign an account