HSA stands for a Health Savings Account where you can use a bank account to pay for specific types of health care expenses. HSAs can be arranged with a bank or a credit union. If you are thinking of setting up an HSA account, there are a few important questions that you must ask your insurer.
Can you recommend me any specific HSA trustee?
Your insurer may recommend you an HSA trustee like any credit union, financial institution or bank that administers HSA. You can even check with your employer whether they have any contract with an HSA trustee. You may get perks and benefits if you use a credit union or bank. Blackhawk Bank is the leading company that assists business people to set up their HSA online.
How much fee do you charge?
Many HSAs charge a certain amount of fee, just like a regular bank account. Some of the banks charge a fixed fee every month, some charges whenever you use the HSA account and a few charges combination of fees.
You may also need to pay a fee to open your account, send money or even obtain or replace your debit card. Ask for a complete list of fees to check if there are any price reductions or discounts available. Some banks do not charge fees when you maintain a specific amount of credit in the HSA.
What are the ways available to put money into an HSA?
On opening an HSA account, you get various ways to put credit money into it. You can deposit money from any other bank account to your HSA account as a one-time deposit or in the form of setting up automatic or regular deposits.
If you succeed in getting insurance from your employer, you can even ask your employer whether they can make contributions to your HSA in the form of a benefit.
How can I use my HSA to pay?
Most of the HSAs come with a checkbook or a debit card to pay for healthcare expenses. Ask your “HSA administrator” about options you have for spending HSA money. Ensure that it is convenient for you.
In what ways can I check my HSA balance?
Ensure that you will have a fast and convenient means to check the amount in your HSA account. Most banks provide easy access to HSA account balances online, via a phone or mobile application.
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