1. What requirements do I need to consider for my HSA Program?
Service Delivery by Web and Telephone
Web-based:
Automated enrollment of large numbers of employees
Accountholder access for monitoring account balances, reviewing recent transactions, transferring funds between accounts, stopping payments, ordering checks, and reporting stolen or lost debit cards
Delivery of image statements by email
Online access to images of paid checks
Telephone:
Accountholder access to self-service options such as reviewing account balances and transactions, activating debit cards, ordering checks, and stopping payments
Customer Service Call Center to receive and resolve accountholder questions
Account Servicing Features
A recordkeeping platform for boarding accounts that includes:
Interest calculation and payment options
Transaction processing with automated updates to individual account balances
Tracking contributions against maximums allowed for the tax year
Service fee options
Segregation of different types of transactions for IRS reporting
Automatic sweeps of excess funds into investment accounts
Overdraft protection
Account Reporting Capabilities
Generation of monthly statements for both the HSA and investment account
Generation of year-end and other IRS-mandated forms
Generation of employer reports summarizing HSAs opened, activity trends, and employer contributions
Gathering these elements in a single, integrated solution is essential to enter the market quickly and compete aggressively. For organizations wanting to move forward in this market while remaining focused on their core competencies, partnering with an outsourcing provider is the best option. BISYS® has developed this kind of comprehensive HSA solution and delivers it in a completely outsourced environment.
2. Is Open Solutions a qualified HSA trustee or custodian?
No. We partner with financial organizations that are qualified HSA trustees.
3. How flexible is your solution regarding account contribution for employers and employees e.g. lump-sum, periodic installments (per paycheck or monthly)?
Open Solutions supports various alternatives for contributions including:
By ACH, either employer and employee contributions, as part of a direct deposit or payroll withholding environment, via the Fed.
By ACH, either repetitive or ad hoc contributions by the employee
By ACH, as a near-term deployment, a web-enabled employer contribution engine will be introduced to meet the needs of employers with differing technology capabilities within their human resource departments, including the submission of an Excel spreadsheet.
By check, with individual remittance coupon or "deposit ticket" within a lockbox environment
