Within the last several weeks you more than likely received an IRS Form 5498-SA from HSA Bank for the tax year 2015 reflecting a $.01 value.  If this was confusing, please know you were not alone. 

In speaking with HSA Bank as to why participants received this form, we’ve learned the following: 

So Edgewood College could make their contribution to an employee’s HSA on January 1, 2016, it was required the employee’s account meet the IRS definition of being 'fully established.’  To be fully established required a contribution be made to the account – this contribution was made by HSA Bank in the amount of $.01.  As also required by the IRS, HSA Bank issued Form 5498-SA to each HSA account holder at year end. 

HSA Bank provided the document below as additional information.   

If you have further questions relating to IRS Form 5498-SA, please contact HSA Bank at 800/357-6246 or Kathy Buechel in Human Resources at 608/663-2864 or kbuechel@edgewood.edu.