Health Savings Accounts - Getting Started

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Establishing an HSA

Before visiting a bank or other financial institution to set up your Health Savings Account (HSA), call first. Many HSA administrators have centralized HSA operations, and may be of little assistance from a branch office.

In such cases you will need to contact the HSA department or visit the website. After you set up the HSA, you will probably be able to use the local branch office to conveniently make HSA deposits.

Health Insurance Enrollment Required

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

If you set up an HSA without enrolling in an HSA compatible health insurance plan, you are inviting IRS problems.

If you enroll in a HSA-compatible health insurance plan, establish a HSA, then terminate the the insurance plan, you can still keep the HSA. However, you are not eligible to make additional HSA deposits as long as you are not enrolled in an HSA-compatible high deductible health insurance plan.

Submitting the Paperwork

Some HSA administrators offer electronic applications that you can submit online, while some have required enrollment documents posted on their website. You can print the forms, complete them by hand, then fax, mail or personally deliver them to the HSA administrator.

In addition, you will need to submit an initial payment to cover a minimum balance requirement and set-up fees (if applicable).

Some Suggested HSA Administrators

We have identified some established Health Savings Account (HSA) administrators. Our list emphasizes nationally-known HSA administrators and Midwest banks. You will find them here.

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