Health Savings Accounts - Getting Started

	Individual & Family Health Insurance
	Small Business Health Insurance

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Establishing an HSA

Our fist bit of advice is to call first before seeking Health Savings Account (HSA) assistance at a local branch of a national bank that provides HSA services.  The local branch personnel probably won't be able to assist you.

These larger financial institutions tend to centralize their HSA operations.  To obtain information, you'll need to contact the HSA department or visit the websites.  After you set up the HSA, you'll probably be able to use the local branch office to conveniently make HSA deposits.

Health Insurance Enrollment Required

You're not eligible to make HSA deposits unless you're enrolled in an HSA-compatible high deductible health insurance plan.  You may need to provide enrollment verification to your HSA administrator.

If you manage to set up an HSA without enrolling in an HSA compatible health insurance plan, you're inviting problems with the IRS.

If you enroll in a HSA-compatible health insurance plan, establish the HSA, then terminate the the insurance plan, you can keep the HSA.  However, you are not eligible to make additional HSA deposits while you're are not enrolled in an HSA-compatible health insurance plan.

Submitting the Paperwork

Most HSA administrators have required enrollment documents posted for download on their website.  You can print the forms, complete them by hand, then fax or mail them to the HSA administrator.

Some HSA administrator websites have electronic applications that you can complete online, and most have dedicated customer service departments that can answer your questions over the phone or via email.

In addition, you're probably going to have to submit an initial payment to cover a minimum balance requirement and initial fees.

Some Suggested HSA Administrators

After Enrolling in an HSA