Health Savings Account

Words: 1369
Pages: 6
Open Document
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 …show more content…
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 The contribution will also grow tax-deferred, and can be withdrawn tax-free to pay for qualified medical expenses.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 …show more content…
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
Show More

Related Documents: Health Savings Account

Emerging Alternative Financial Market G Essay

of the essential role of saving and credit is one of the advantages of microfinance. With the poor people, saving money is an important thing to do. Actually, in case of emergency situation such as accident, illness, beside of insurance or social welfare, saving money is still needed for everyone, not only for poor people. But with the existence of the microfinance, saving money becomes easier for poor people. One of the advantages of microfinance that relates to saving money is allow poor people…

Words 695 - Pages 3

Business Math Issues

|Participants | Business 141: Group __ Chapter 7 Project List the Business Math Issue. Saving at a young age is not realistic. Defend or reject the Business Math Issue. Group B rejects this Business Math Issue. There are ways in which parents can contribute to their children’s savings via interest-bearing savings accounts and benefit them in the long run. In addition, it is fair to say that many people by the age of 21 are close to finishing their college…

Words 1586 - Pages 7

Essay on Economic: Investment and Commonwealth Bank

Descriptions of all accounts 2 2.1 Commonwealth Bank online share trading account 2 2.2 Commonwealth Bank easy transaction account 2 2.3 Bankwest Bank online true saver account 2 3.0 Initial portfolio allocation 2 3.1 Investment allocation 3 3.2 Initial portfolio 4 3.0 Portfolio adjustments 4 4.0 Interest calculation of saving account 4 5.0 Calculating the final wealth and return 5 6.0 Experience and regrets 6 1.0 Descriptions of all accounts In this trading game, we have used three bank accounts to manage…

Words 1294 - Pages 6

Effects Of Consumer Driven Health Care And High Deductible Health Plans

Driven Health Care and High Deductible Health Plans: Quality, Access and Cost of Care. Whitney Pace Weber State University HAS 3000 Prof. Dahlkemper Abstract This paper briefly examines five published research articles on the various effects of consumer-driven health care (CDHC) and high deductible health plans (HDHP). Consumer directed health care has been define many ways. The term commonly applies to an insurance product that has a high deductible with an associated health savings account (HSA)…

Words 2224 - Pages 9

Planning To Purchase A First Home

5% interest on savings. I do not expect receiving gifts from my family on the date of my first home purchase, as I…

Words 1868 - Pages 8

Money Management Essay

card in three months. This is an achievable goal based on making manageable payments to pay off the balance of the account and accrued interest. An intermediate goal takes three months to a year to achieve. An example of an intermediate goal would be paying off car insurance for the entire year. Long term goals take more than a year to achieve. A long term goal would be to start saving overtime for a down payment on a house. Credit can affect your financial goals in many ways. Credit is the ability…

Words 659 - Pages 3

Health Insurance Matrix Essay

University of Phoenix Material Health Insurance Matrix Origin: When was the model first used? What kind of payment system is used, such as prospective, retrospective, or concurrent? Who pays for care? What is the access structure, such as gatekeeper, open-access, and so forth? How does the model affect patients? Include pros and cons. How does the model affect providers? Include pros and cons. Indemnity In 1932 the American Medical Association (AMA) adopted a strong position against…

Words 2118 - Pages 9

Sample FPSB Financial Plan

Sample FPSB Financial Plan Table of Contents I. EXECUTIVE SUMMARY................................................................................................... 3 FINANCIAL MANAGEMENT ............................................................................................ 3 CURRENT POSITION ................................................................................................................... 3 PROPOSED POSITION ..........................................................…

Words 9723 - Pages 39

Essay about Class Slides Week 3A 2

Week 3A 1 Demand for Insurance: Information and Complexity Week 3A Health Insurance in Reality ECON 157 -- Professor Handel -- Week 3A 2 Health Insurance in Reality • Last week we talked about key aspects of consumer demand for insurance • Choice Under Uncertainty • Risk Aversion • Expected Utility • Simple model of insurance with premium p paid up front and payout q if consumer gets sick • Similar conceptually to health insurance in reality, but details in reality are different and introduce…

Words 2279 - Pages 10

Oboma Care Essay

on employer-sponsored insurance. This summary reflects the interpretation of the ACA statute and regulations that have been released to-date by the Department of Treasury, Department of Health and Human Services and Department of Labor. What is the exchange and who can utilize it? The law creates a new health insurance exchange, a marketplace that will offer a choice of plans that meet standards for coverage and that will provide information to consumers and employers to help them make educated…

Words 2804 - Pages 12