HSA

sriman-shivakoti

I am creating a new topic because this was under BN249..

From Jodi B.
We have some questions regarding the use of a Health Savings Account. When setting up the actual HSA deduction in Lawson, did you enter a limit? If so, did you put in different limit amounts depending on the type of coverage the employee selected (such as single, family, etc)? As the employer, we are also contributing an amount in January and July this year. How do you keep track of this additional money going into the account? Any help would be greatly appreciated. Thanks.

sriman-shivakoti

We created 2 plans for our HSAs, one for family coverage and one for single coverage.

We did place limits on them up to the full amount. We may rethink that because we set them up as DC plans and can not change the multiplier from 26 so mid-year elections could be an issue. This was our first year.

Our company also contributes but it is not per pay. We still run it through payroll so it is in the system and expensed to GL correctly.

We have the BSI codes on the deductions and we are relying on BSI to stop at the proper combined limit. We also had to create the BSI overrides for those over 55 just like we do for 401k or 403b plans.

Hope this helps.