Open an HSA
- You must be covered under a qualifying high-deductible health plan (HDHP) on the first day of the month.
- You have no other health coverage except what is permitted by the IRS.
- You are not enrolled in Medicare, TRICARE or TRICARE for Life.
- You can’t be claimed as a dependent on someone else’s tax return.
Can you have 2 different HSA accounts?
As long as you have an HSA-eligible health plan, there’s no limit on how many HSAs you can have. As far as the IRS is concerned, the only limit is how much money you can contribute to your HSAs each year. You can contribute it all to one HSA, or spread it out across two or more accounts.
Are there any fees associated with an HSA account?
It is surprising how many fees there are related to HSA’s. Not just those specifically relating to your Health Savings Account, but other banking fees thrown in as well. For example, take a look at this screenshot from HSA Bank’s website describing some of their fees:
When was the first HSA account established in the US?
They weren’t established until 2003. In 2008, only about 6 million Americans had one. But that number has more than quadrupled since, and there are now 26 million HSA accounts in the United States. HSA accounts can be started with banks, brokers, credit unions, and even insurance companies.
What can I withdraw from my HSA account?
Deposits to your HSA are yours to withdraw at any time to pay for medical expenses not paid by your HDHP. You can also use the account to pay for the medical expenses of a spouse or other family members – even if they aren’t covered by your HDHP.
Who are the administrators of an HSA account?
But that number has more than tripled since, and now 20.2 million Americans have one. The HSA marketplace is still young, but quickly growing. HSA accounts can be started with banks, brokers, credit unions, and insurance companies. Any company that offers an HSA is referred to as an “administrator” or “custodian”.
