How is an HSA set up on the employer end?
Accounts are set up for each individual completing an application similar to how one would open a checking account. It is recommended that the employer submit applications for each participating employee at the same time, together with a brief group application. Likewise, our office can handle this for you. Generally this consists of the employer providing a spreadsheet with each participant’s name, social security number, and the amount of money to be deposited into the health savings account. The accompanying monetary deposit also needs to be submitted at the same time to fund the account, much like a regular savings account.
