Retail HSA funding and payment mechanism
US10929935B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Dec 31, 2019 |
| Grant date | Feb 23, 2021 |
| Priority date | — |
| Expiry date | Dec 31, 2039 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG16H10/60
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
Disclosed herein are system, method, and computer program product embodiments describing the creation and funding of tax-advantaged accounts at a point of sale. By immediately funding the tax-advantaged account at the point of sale using a funding and payment mechanism, the disclosed embodiments may effectively and instantly fund a tax-advantaged account at a point of sale. The funding and payment mechanism overcomes the lapse in availability of funds inherent in legacy systems. Thus, an account holder may then immediately pay a provider from the tax-advantaged account for qualified expenses. The disclosure also presents a credit feature allow prospective account holders to initially fund the tax-advantaged account. At the point of sale, the prospective account holder may link their newly created tax-advantaged account to other accounts, allowing the system to detect potential over-contributions. The disclosure also presents a retroactive analysis feature that analyzes linked accounts to create tax-advantaged transactions in transactions completed earlier in a plan year.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.