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HSAs - Start to Finish
Step 1: Obtain an HDHP
To have an HSA, first you must have a qualified high deductible health plan (HDHP) in place. By using the quoting features of AllianceQuote.com, we can find the right insurance company to help you obtain your HDHP and that will fit your budget; Click HERE to start quoting.
Step 2: Enroll in HSA
Signing up for an HDHP does not automatically open your HSA. You may enroll in an HSA with HSA Bank by completing the enrollment application online or downloading and printing the application and other necessary forms.
Step 3: Account Opens
Within 48 hours, your account will be opened and you will be able to make contributions. An email confirmation will be sent to you upon your account opening. Additionally, you will receive a welcome kit within two weeks of your account opening, giving you additional information and your checks/debit card(s) if you ordered them.
Step 4: Using Your HSA
HSAs were developed to give you control of your health care and health care dollars. To use your HSA, you can write checks or use your debit card for immediate disbursements for eligible medical expenses. You may also receive reimbursements for any qualified out-of-pocket costs by submitting a withdrawal form to HSA Bank.
Step 5: Taxes
If you contribute money to your HSA, you are able to deduct your contributions from your gross income when filing your federal income taxes.
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