In this article we will break down the steps to correct contribution errors for HSA accounts.
Underfunded HSA Account
To correct an underfunded HSA, you will need to make an off cycle contribution to catch up the account. This can be done via your normal funding method (direct deposit via your payroll or ACH via contribution spreadsheet IH file processed by Ameriflex).
Using direct deposit, your payroll team will have your bank account send the missing funds directly to the HSA account.
If you would like to use an ACH transaction to send funds, you will need to send a contribution spreadsheet (IH File) with deposit information to your Client Relationship Team.
Overfunded HSA Account
To correct overfunded HSA contributions, the plan administrator must obtain a completed HSA contribution correction form. This online form is used to request a correction to be made by the HSA bank. You can access the online form here: Contribution Correction e-form.