Overview of HSA Providers
Almost any insured bank or credit union can be your HSA provider. If they can offer an IRA (individual retirement account) they can offer an HSA. However, that doesn’t mean they have to offer HSAs.
Insurance companies can also offer HSAs.
Using the Money
Most HSA providers provide a debit card and/or checkbook so that you can use the money easily.
Finding HSA Providers
Ask your insurance company if they recommend any HSA providers. You can also search the Web and you'll probably get some local results.
Here are a few profiles of HSA providers you can use. We cannot vouch for any of these institutions, but they’ll get you started. Ask questions and read the fine print.
Timing
You must have your high deductible insurance in force before the HSA is “established”. You may be able to open and fund an account before coverage begins, but you should be careful. See US Treasury guidance.
Saving and Spending
HSA providers do not enforce contributions limits or monitor your distributions. It is your responsibility to follow the rules. They do not decide whether your expenses are for a qualified purpose or not.
Contributions to your HSA are reported on IRS Form 5498-SA. Distributions are reported on Form 1099-SA. You should receive these forms at the end of each year. Visit About.com’s Taxes site for details on HSAs and taxes.
Tax laws are complex and subject to change. You should consult a professional tax advisor regarding your individual situation.
