If you’re ready to take control of your health insurance costs, just follow these easy steps to set up and use your HSA.
- Make sure you have a qualified HDHP. If you are unsure if your plan qualifies or if you need to set up an HDHP, ask your insurance provider.
- Apply for an HSA. Stop in to the bank to apply.
- Once accepted, your account will be opened. Contribute to your HSA on your schedule and at your convenience or set up an automatic transfer to ensure the money is there when you need it. All contributions for the previous tax year must be received by April 15.
- Use your check card and account checks like a regular checking account for qualified medical expenses. Be sure to keep your receipts on file to substantiate your distributions for IRS purposes. Consult your tax advisor for information about qualified medical expenses.
- We’ll send you a Form 1099 and Form 5498 for you to use in tax reporting. In order to take advantage of the HSA tax benefit, you must complete Form 8889 when filing your federal tax return. Consult your tax advisor for this form.
Fees may reduce earnings on HSAs. Fees may apply to check cards.
The information provided in this page is not intended to be legal or tax advice. You should consult your attorney or tax advisor for information that relates to your specific circumstances.
Product descriptions herein do not take the place of required disclosures under federal and state regulations. Please contact us for disclosures appropriate to these accounts.