Focusing on HSAs May Boost Your Deposit Base
By Lisa Walker, CISP, CHSP
During this time of financial uncertainty because of the ongoing coronavirus (COVID-19) pandemic, your organization may be lending out more money than it’s taking in, especially if you have small business clients who were eligible for the Paycheck Protection Program (PPP) loan. Consequently, your organization may be seeing a decrease in savings deposits. After all, many of your clients likely are not saving as much as they used to or would like to. Having more accounts with lower balances may be affecting your bottom line.
Focusing on health savings accounts (HSAs) may be worthwhile. After recent rule changes to accommodate HSA owners, HSAs will likely appeal to more eligible individuals. If your organization hasn’t gotten into the HSA business yet, perhaps now’s the time to expand your product line and give your deposit base a boost. New to HSAs? Ascensus can help you get started. Already in the HSA business? Ensure its success by partnering with Ascensus to address your HSA goals and fill in the gaps.
Get Up to Speed
The key to establishing and maintaining a successful HSA program is to ensure that you and your staff know and understand the HSA rules. Whether you’re just entering the HSA business or have been in it for a while, the best way to get a handle on all the new guidance and legislation affecting HSAs is to stay educated. Ascensus continuously monitors new laws, revised regulations, and marketing trends to give you the most relevant, up-to-date industry and regulatory information. Ascensus’ suite of HSA education offerings includes:
Distance Learning – Online HSA training is available anytime, anywhere for your convenience.
Training Products – Design your own internal training curriculum using our self-training tools.
Learn more about all of Ascensus’ education offerings.
Stay Compliant
New legislation and evolving IRS guidance like we’ve seen over the past few months—and are likely to see more of—can make it difficult to maintain a compliant HSA program, or even to accurately answer your clients’ questions. But when you use the compliance-related services that Ascensus offers, you don’t have to worry about making errors or giving the wrong information, reducing the risk for noncompliance.
Forms and Documents – Detailed forms and comprehensive document services are designed to minimize errors so that your organization can properly carry out transactions with little chance of noncompliance.
800 Consulting – Expert ERISA consultants provide immediate answers to your questions about HSA rules.
Market Entry Consulting – Our experts can help you develop a business plan for creating a successful HSA program.
Learn more about Ascensus’ compliance services.
Eliminate Stress
Branching out with HSAs doesn’t have to mean going it alone, especially when it comes to managing each account during these uncertain times. Eliminate potential stress and make your HSA program easier to execute. See if one of Ascensus’ administration services with built-in compliance solutions is right for you.
Fully-Administered Program – The complete operational and compliance support of this software is like having a team of seasoned professionals and powerful technology to navigate your organization through complex HSA rules.
Self-Administered Program – No need for paper forms when you take advantage of this software’s compliance logic.
Learn more about Ascensus’ administration services
Access Reliable Information
Educating your clients about the rules and providing reliable reference materials for your staff is an important part of any HSA program, especially during a time of change. The following materials can help you provide quality customer service.
Lobby Brochures – Online or in print, a brochure with general, key information about HSA rules and tax benefits will be helpful to clients.
Reference Manuals – With access to comprehensive, in-depth information about HSAs, your organization will be able to better assist clients.
Learn more about all of Ascensus’ marketing materials and reference manuals.
Ascensus Can Help
Whether you’re new to offering HSAs, or have for a long time, Ascensus offers a variety of solutions that can help your organization launch and maintain a successful, compliant HSA program.
