Health Savings Accounts - Getting Started

	Individual & Family Health Insurance
	Small Business Health Insurance

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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'll need to contact the HSA department or visit the website.  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 set up an HSA without enrolling in an HSA compatible health insurance plan, you're inviting IRS problems.

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

Submitting the Paperwork

Most HSA administrators 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.

Some HSA administrator websites have electronic applications that you can complete online.

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

Some Suggested HSA Administrators

After Enrolling in an HSA