Health Savings Accounts – Annual Review and Potential Pitfalls

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.

Presenter
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

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