Each new employee must complete an HSA application and return it to First HSA. The account is “established” for IRS purposes, from the date at which the application was signed. The new employee will receive their individual “Welcome Packet” in the mail at their place of residence (unless otherwise requested) within several days of receipt of their application. New employee contributions can be added to an existing payroll deduction and forwarded to First HSA electronically, by check or contributions can be made on an individual basis.
Terminating
Terminating an employee from the employer’s HSA plan only requires that you notify First HSA. If contributions are being made on behalf of the employee, it is the employer’s responsibility to no longer make the contribution or stop any form of electronic contribution. Since our contract is with each individual employee, the account can remain open, and funds can still be used to pay for qualified medical expenses. The individual may elect to make contributions on their own as long as they are still eligible. The account will remain in good standing as long as funds remain or until the account is closed.
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