- 1). Contact your health insurance provider to make sure your health care plan is eligible for an HSA. Health savings accounts are designed to be coupled with a high-deductible health plan, also known as an HDHP. If you have your health insurance through your employer, contact the human resources department at your office. Otherwise, contact your health care broker or insurance agent.
- 2). Visit the bank where you have your checking or savings account and ask if it offers a health savings account. Many banks offer health savings accounts to their customers. You can also check with your mutual fund company, since many mutual fund providers also administer health savings accounts.
- 3). Request an application for the health savings account and complete all the required sections. Include your full name, address, phone number and Social Security number when completing the form.
- 4). Send the completed health savings account application to the address listed on the form. Include your initial payment with the form.
- 5). Submit additional deposits to the health savings account as you wish. Use the funds in your HSA to pay health care expenses throughout the year. Request a debit card for the account if you do not receive one automatically. You can use the HSA debit card just like a credit card to pay for prescription medications, doctor appointments and other legitimate health care expenses.
previous post