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New Online Reimbursement Tool Available

December 19, 2008

HSA Bank today announced new product enhancements that are said to "exceed expectations." The newest addition to customer convenience is a free online reimbursement tool available through HSA Bank's online banking.

Customers can reimburse themselves for out-of-pocket expenses by making a free online transfer from their HSA to their external personal checking or savings account. Once the funds are deposited into the external bank account the accountholder can utilize the online bill pay services offered through their regular financial institutions to pay medical providers.


END OF YEAR INFORMATION

HSA Bank also provides the following year-end materials to accountholders to assist them with filing their Federal Income Tax Return.

  • Year-end Status Reports As of December 31, 2008 are mailed with accountholder statements in January 2009 and available online through internet banking. The report reflects HSA activity with HSA Bank for 2008. If the accountholder transferred or rolled over funds from another institution, any transactions with the prior institution will not be reflected in this report. This report does not need to be filed with the IRS, it is only to assist the accountholder in filing their Federal Income Tax Return.
  • IRS Form 1099-SA As of December 31, 2008 are mailed with the accountholder statements in January 2009. This form reflects distribution activity throughout 2008.
  • W-2 Provided by the employer, this form provides the total pre-tax contributions made to the HSA. The pre-tax contributions will include any employer contributions and employee pre-tax contributions.
  • IRS Form 5498-SA Completed by HSA Bank, as of December 31, 2008 are mailed to the accountholder in January and sent to the IRS between April 15, 2009 and May 31, 2009. This form serves as a confirmation of the total contributions attributable to tax year 2008. Reminder: Accountholders have until April 15 to make contributions for the prior year. Those accountholders making 2008 contributions in 2009 will receive another 5498-SA in May.
  • IRS Form 8889 Available on the IRS website, this form must be completed and attached to IRS Form 1040 when filing Federal Income Tax Return.

COMMUNICATION IS KEY

HSA Bank tries hard to provide customers with tools to save time and money and to assist in the education about HSAs and improving HSA plan acceptance. In doing so they have developed the Employer Communications Kit which provides pertinent and timely communications to all account holders. Communications in 2009 will include things like information on HSA contribution options, how to access the funds, and tips to assist accountholders in preparing their tax returns.