Health Savings Accounts
Updated to include information on IRS Notice 2021-46 regarding COBRA subsidies under the ARPA.
With the number of coronavirus (or COVID-19) cases steadily rising in the US, states and insurers are trying to alleviate the pressure on citizens by eliminating cost sharing for coronavirus testing.
As mandated by the Internal Revenue Service, employers must file Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, to report distributions made from such savings accounts.
As mandated by the Internal Revenue Service, every trustee or custodian of health savings accounts, Archer medical savings accounts (MSAs), or Medicare Advantage MSAs must file Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information, on an annual basis.
Employment glossary definition of HSA (Health Savings Account).
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Copyright © 2021 LexisNexis Risk Solutions Group
© 2021 LexisNexis Risk Solutions Group.