How Do I Set Up My Account?
Setting up your Health Savings Account is easy, as majority of existing health care insurers provide high deductible health plans, or HDHPs, in both individual and group policies. There is even a wide range of third party administrators for HSAs that you can choose from, which includes most banks and financial institutions. All of these come with different fees which you may be charged with, as well as investment options that are available for your fund balances.
Anyone with a high deductible health plan can easily open up their own health savings account. Under the latest regulations, the insured individual is required to pay the initial medical-related expenses (in other words, the deductible) before the insurance company starts to cover any costs. When selecting a high deductible plan, make sure to keep in mind that while a lot of health insurers provide high deductible policy offers, not all such policies will automatically be eligible with HSA plans. The insurer must qualify for all the necessary requirements and will be expected to comply with their state’s insurance laws.
Where Do I Start?
First, acquire accurate insurance quotes from the qualified health insurers in your state, either over the phone or the internet, or perhaps even in person. Afterwards, you may begin to choose the insurer and the policy that you believe is most suitable for you and your needs. Most insurers come with affiliate companies and may even recommend one which can establish and manage your HSA at the time you decide to purchase your desired health insurance.
Next, secure an administrator for your HSA. If you would prefer to work with an administrator that is not actually an insurer, there are several choices of banks and institutions that provide health savings accounts specifically to help you properly manage the investments you make through your account.
Once you’ve successfully established your HSA, you will be given instructions on how you can make deposits and withdrawals from your account, as well as the methods you can take to change investments. Most of the time, you will receive a debit card tied to your health savings account for the purpose of keeping records. Aside from that, expect to receive monthly or even quarterly statements in regards to your account’s balance and fund investments.
If you’d like to read on about HSA guidelines, you can refer to this link for more information on their official website.