HSA News
Wednesday, 07 September 2011 09:39
Fifth Third Bank Updates
Fee Changes
The following changes to the HSA fee schedule for Fifth Third Bank are effective September 1, 2011:
- The HSA Checkbook Fee increases to $24.99 for a box of 50 checks.
- Any account maintaining a $0.00 balance for 16 consecutive months will automatically be closed.
The following changes to the HSA fee schedule will be effective for current Chard Snyder clients on January 1, 2012 (effective date for new clients is September 1, 2011):
- Participant accounts with a monthly average balance less than $4,000.00 will be debited the HSA Monthly Maintenance Fee. The fee will be $3 per month for each participant that does not have a monthly average balance greater than $4,000.00 ($2 per month if your company has more than 500 employees).
You may review the full HSA Fee Schedule by going to the Fifth Third Bank HSA Forms on the Chard Snyder website at any time.
Fifth Third Bank Applications Online
When a new Health Savings Account participant goes to open a bank account they are able to complete their Fifth Third Bank Account application online. There is no application charge when participants apply online. If you choose to have participants apply using paper applications the charge is $10 per participant. If you are interested in having your participants complete their applications online, please contact your account manager for additional details and to set up your activation code.
Bank of Kentucky Updates
New Branch Opening in Downtown Cincinnati
The Bank of Kentucky will be opening a branch this fall that will be located on the ground floor of the Mercantile Center Building at Fourth and Walnut streets.
New HSA Account Features
HSA Checking Accounts now include a free initial order of 200 checks, online banking and online bill payment.
New HSA Limits
The IRS has announced new Health Savings Account limits for 2012:
Contribution Maximums:
Individual $ 3,100.00
Family $ 6,250.00
55 and up catch-up $ 1,000.00
Maximum Out-of-Pocket Amounts allowable by HDHP plan:
Individual $ 6,050.00
Family $ 12,100.00
Minimum Deductible Amounts allowable by HDHP plan:
Individual $ 1,200.00
Family $ 2,400.00
Due to these updates, we also have a new version of our attorney's HSA Guide for Employers.
