Boosting Your HSA Knowledge Benefits Your Business, Clients
Winners Announced in Our Test-Your-HSA-Knowledge Quiz
By Jodie Norquist, CIP, CHSP
In June we asked you to test your health savings account (HSA) knowledge by taking a short quiz. We received an overwhelming response, and we appreciate your participation, especially for submitting HSA-related story ideas you’d like us to pursue in upcoming issues of The Link.
While some of you aced our HSA quiz, we noticed there’s still much confusion about qualified medical expenses, or those expenses that would generally qualify for a medical and dental expenses deduction, which can be paid for from an HSA. This is understandable, considering HSA rules can change often. Most recently, legislation enacted in 2020 allows HSA owners greater flexibility in paying for more out-of-pocket health-related expenses.
HSAs Cover More Than You May Expect
As a result of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, 2020, HSA owners can use their accounts to cover more health-related expenses than ever before. This is a huge savings benefit for your clients, and it also provides your financial organization with business growth potential.
Did you know that the following over-the-counter nonprescription medications and products are covered by an HSA?
Anti-inflammatories
Pain relievers
Cold/flu medication
Allergy relief
First aid kits
Menstrual care products
Qualified medical expenses cover a wide range of services and products that can be paid for from an HSA. They can include travel expenses for medical care, including bus, taxi, train, plane fares or ambulance services. Even the cost of gas can be reimbursed at the standard medical mileage rate of 17 cents a mile (for 2020). Individuals can use their HSA assets to pay parking fees and tolls related to receiving medical services. An HSA owner can travel to another city for medical care and include $50 for each person for each night for lodging. For example, a parent traveling with a sick child can include $100 per night as a qualified medical expense.
Other lesser known qualified medical expenses include the following.
Service animals
Drug addiction and treatment counseling services
Chiropractic services
Acupuncture
Lasik eye surgery
Orthodontia (braces and Invisalign)
Assistance equipment and modifications
Scooters, wheelchairs
Modification to automobiles
Hearing aids
Home alterations and accommodations
Sharpen the Tools in Your HSA Toolbox
Whether your financial organization is maintaining an established HSA program or is in the process of building a new HSA business, it’s important that you and your staff know the HSA rules. The key to developing and growing a successful HSA program is staying current on all guidance and legislation that affects HSAs.
At Ascensus, we monitor all proposed laws and new regulations, along with market trends, to provide you with the most relevant, up-to-date information in the industry. Ascensus’ HSA education offerings are delivered various ways.
Distance Learning – Online HSA training is available anytime, anywhere, at your convenience.
Instructor Led – In-person seminars, workshops, and conferences are delivered around the country.
Training Products – Design your own internal training curriculum using our self-training tools.
Consumer Education – Our print and online products can be customized to your brand, allowing you to leverage our experience to teach your clients savings concepts.
Learn more about all of Ascensus’ education offerings.
Stay Compliant
Legislation pertaining to HSAs is ever evolving, which can make it challenging to maintain a compliant HSA program. Even if you don’t have all the answers to your clients’ HSA questions, we can help with the following services.
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.
Easily Manage Your HSA Program
Starting a new HSA program can seem daunting, especially if you have limited staff. But you don’t have to go it alone. One of Ascensus’ administration services with built-in compliance solutions might be 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 – There’s no need for paper forms when you take advantage of this software’s compliance logic.
Learn more about Ascensus’ administration services.
Provide Quality Customer Service
Education is the key to maintaining a successful and compliant HSA program. Ascensus offers a variety of educational materials that will help both your clients and staff understand HSA rules.
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.
Congratulations Winners
Congratulations to the following readers who participated in our short quiz and entered our drawing in June. The winners of five 2021 Desktop Guides to Health Savings Accounts are
Camilla Yurchenko, Lake Michigan Credit Union
Jennifer Hall, b1Bank
Gail K.
Melissa N.
Wendy L., Citizens Alliance Bank
