Once you have your HSA-qualified health insurance plan in place, you will want to establish your health savings account. You can then fund the account to the maximum amount, or only put money in it when you incur a medical expense the choice is yours.
To establish your HSA, follow the steps below:
- First, you must make certain that you have a qualified High Deductible Health Plan, or must have recently applied for coverage. To see the plans available in your area, visit our high deductible health insurance page. Once you choose a plan, you may apply online, or mail in an application.
- Next, you will need to choose the company you would like to administer your HSA. While some insurance companies offer to administer your account (only if you have their insurance plan), you may also choose to work with an outside, third party administrator.
For a comprehensive list of companies offering HSAs, complete with details on how each of these accounts work, please visit our HSA Administrator page.
- Once you have chosen your administrator, you will need to download their enrollment form. You may obtain these forms on our HSA Admin page and clicking on the name of the company you've chosen. At the bottom of the next web page, you can obtain that company's enrollment form by clicking the link that says "Open their Application."
- After downloading the proper enrollment form, you will need to send it, along with your opening deposit, to the address listed on the enrollment form. You will receive your introductory packet, including complete instructions on how to make future deposits and the options you have for withdrawing your funds, in approximately two weeks.