Pub. 5 2015-2016 Issue 3

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S November • December 2015 13 A nuance of this requirement came about when the Patient Protection and Affordable Care Act of 2010 required health plans that provide dependent coverage to make this coverage available to adult children until they reach age 26—even if the adult children are not eligible to be claimed as dependents on the parent’s income tax return. If not eligible to be claimed as dependents, such individuals could meet the eligibility require- ments for their own HSAs. As such, they would have their own family contribution limit ($6,650 for 2015; $6,750 for 2016). These individuals likely do not realize that they may be eligible for anHSA—or the higher contribution limit—potentiallymaking them an untappedmarket for your organization. Perhaps if their parents have HSAs at your organization, they will establish an HSA with your organization too. Determining HSA Eligibility HSA eligibility is complicated. Financial organizations are not responsible for determining if an individual is HSA-eligible, and should refer individuals to their employers or insurance plan providers for help with this. Financial organizations may find it helpful to use a form that captures contribution eligibility information, such as Ascensus’ HSA Contribution Eligibility form. Having individuals complete a form like this is an ideal way to certify—in writing—that they are HSA-eligible, clearly placing the responsibility for determin- ing HSA eligibility on the HSA owners. Once an individual con- firms that she meets the eligibility requirements, she can open and contribute to an HSA and begin to reap its tax advantages. And your organization can grow its HSA business.  Trish Reilley is a Copy Writer in Ascensus’ Communication depart- ment and has worked for Ascensus for 11 years. She received the CIP designation in 2008 and the CISP designation in 2009. She enjoys writing on various IRA and HSA topics. About Ascensus Ascensus is the largest independent retirement and college savings services provider in the United States, helping over 6 million Amer- icans save for the future. With more than 30 years of experience, the firm partners with financial institutions to offer tailored solutions that meet the needs of financial professionals, employers, and individuals. Ascensus specializes in recordkeeping, administrative, and program management services, supporting over 40,000 retire- ment plans and 3 million 529 college savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information, visit www. ascensus.com< http://www.ascensus.com >. RISK MANAGEMENT TOOLS • COMPLIANCE AWARENESS TODAY I STOP RISK IN ITS TRACKS. It’s time you take a stronger stance with your risk management program. csiweb.com/stoprisk http://www.csiweb.com/solutions/regulatory-compliance/enterprise-risk-management?utm_campaign=FY16_10_RC_StopRisk_SRIQ&utm_source=COBanker&utm_medium=Print+Ad Year Coverage Type Minimum Annual Deductible Maximum Out-of-Pocket Expenses 2015 Self-Only Family $1,300 $2,600 $6,450 $12,900 2016 Self-Only Family $1,300 $2,600 $6,550 $13,100