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HSA INFORMATION CENTER
HSA > Businesses & Employers > Important Things to Know
Here is a quick reference of important things for a business owner or employer to know about HSAs.
IRS Guideline Changes
- The IRS adjusts maximum HSA contributions each year for inflation. The criteria for an insurance plan to qualify as a High Deductible Health Plan (HDHP) is also adjusted for inflation. Click here for current guidelines.
Contributions
- Neither an employer nor a plan participant is required to contribute any money to a Health Savings Account
- If an employer wishes to contribute to employee HSA accounts, the contribution must be of comparable amount among comparable participating employees as defined by IRS Publication 969.
- Contributions to an HSA must be in cash and can be sent to the employee's account by check or electronically using ACH through
e-Banking for Business. Contributions of stock or property are not allowed.
- Once a contribution has been made into an employee's HSA, the money cannot be returned to the employer. If an employee terminates during the year and the employer elected to provide a
lump sum contribution at the beginning of the year instead of making smaller monthly contributions, the employer cannot take any of the money back.
- The employer deducts such contributions on the "Employee benefit programs" line of their business income tax return for the year in which the contribution was made. If using IRS Form
1040, Schedule C, this is Part II, line 14.
- Each employee's W-2 form will show the total amount contributed by the employer in Box 12, code W.
Reimbursements and Plan Administration
- Unlike other reimbursement plans, an HSA does not require any administration oversight by the employer. No reimbursement checks to issue. No review of claims. Instead, the employee
is responsible for managing the funds and must keep receipts and any other documents with their own tax records.
- Your company does not have any liability if an employee uses funds for non-eligible expenses.
Changing Employement Status and/or Plan Coverage
- Employers need to notify the insurance carrier and the Bank when employment status changes, such as:
- New employee is hired and enrolls in HDHP.
- Existing employee no longer participates in the company-sponsored HDHP due to termination or other reason.
- To make sure all information is current and accurate -- especially beneficiary information -- the participant (employee) must notify the bank
when changing insurance coverage from an individual plan to a family plan, or visa versa.
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Community Bank of San Joaquin is participating in the FDIC's Transaction Account Guarantee (TAG) program. Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account.
Noninterest-bearing checking accounts include Demand Deposit Accounts (DDAs) and any transaction account that has unlimited withdrawals and that cannot earn interest. Also included are low-interest NOW accounts (NOW accounts that cannot earn more than 0.50% interest through June 30, 2010 and no more than 0.25% thereafter) and Attorney-Client Trust accounts, also known as Interest On Lawyers Trust Accounts (IOLTAs).
Coverage under the TAG program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
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Lost or stolen Visa® Check Card, call
(209) 956-7000 Monday-Friday 9am-5pm or
1-800-754-4128 after hours.
For other important telephone numbers, click here.
Community Bank of San Joaquin
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Main Office
22 West Yokuts Avenue
Stockton, CA 95207-5715 [map]
209-956-7000
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Waterloo Office
4426 East Waterloo Road
Stockton, CA 95215-2306 [map]
209-373-4300
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Services Available:
Administration, Branch, Loans,
Full-Service Drive-Up, ATM* and
Night Depository*
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Services Available:
Branch, Loans, ATM* and
Night Depository*
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Office Hours:
Monday-Thursday 9am-5pm
Friday 9am-6pm
Saturday 9am-1pm
and By Appointment
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Office Hours:
Monday-Thursday 9am-5pm
Friday 9am-6pm
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*This service available 24 hours a day.
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