1. Why Choose a Health Savings Account with HSA Bank?
As one of the first and largest Health Savings Account (HSA) providers in the country, we are passionate about HSAs. Our expertise shows through all of our touch points with members. We are committed to help you save for your future and have built our reputation of world-class service and expertise through our focus on Health Savings Accounts. Our reputation is proven by:
- Serving some 2 million members
- Managing over $5 billion in total assets
- Working with more than 35,000 businesses of all sizes
- Having an A+ rating with the Better Business Bureau
2. Benefits of an HSA
By choosing an HSA, there are a multitude of benefits that you can take advantage of, which include:
- Giving you the flexibility to shop around for healthcare services and products; this way you can make more informed healthcare decisions
- No initial deposits to open an account
- HSA funds stay with you when you change jobs or retire, you own the account
- Money you don't use in your HSA rolls over from year-to-year and earns interest tax-free*
- Saving for retirement. After age 65, HSA funds can be used for any purpose without penalty (only income tax is assessed)
- Options for self-directed investments that can potentially grow your savings for healthcare or retirement**
Is an HSA right for you? Find out with our Health Plan Comparison Calculator.
3. Are You Eligible for an HSA?
If you have a qualified High Deductible Health Plan (HDHP), either through your employer, through your spouse, or one you've purchased on your own, chances are you can open an HSA. Additionally:
- You cannot be covered by any other non-HSA-compatible health plan, including Medicare Parts A and B
- You cannot be covered by TriCare
- You cannot have accessed your VA medical benefits in the past 90 days (to contribute to an HSA)
- You cannot be claimed as a dependent on another person's tax return
- You must be covered by the qualified HDHP on the first day of the month
- You must have a valid email address, Social Security Number, and a primary residence in the United States.
4. How to Apply for an HSA
If you are eligible for an HSA, it's easy to apply. With HSA Bank there are no set up fees and an initial deposit is not required to open an account. It takes less than 10 minutes to complete the online application. One note, to open an account, you must have a valid email address.
You may also be eligible for an HSA through your Employer. Contact your Human Resources Department to learn more.
*Earnings are exempt from federal taxes. Most states do not tax HSA earnings. However, state tax treatment varies. Please consult with a tax advisor or the state department of revenue for more information.
**Investment accounts are not FDIC insured and they are not bank guaranteed. Investment accounts are not a deposit account, or an obligation of HSA Bank, and they may lose value. They are not guaranteed by any federal government agency. Performance data and ratings represent past performance and are not a guarantee of future results. Investment returns and principal value will fluctuate and investors' shares, when sold, may be worth more or less than their original cost.