How to Enroll
Enrolling in a Health Savings Account (HSA) is easy. There are two types of enrollment:
- Employer enrollment - If a SelectAccount HSA is part of your employer's benefit offerings, you can open an HSA under your employer's group. With an employer HSA, you can contribute directly from your paycheck and take advantage of an HSA's pre-tax benefits. Talk to your employer about how to enroll.
- Individual enrollment - If you have an HSA qualified health plan, you can open an HSA individually.
Enrolling is easy. Simply visit our online enrollment page. You can also find a mail-in form at the bottom of this page.
Your account is not considered active until a contribution has been made.
It’s best to set up and begin funding your HSA early in your plan year – even if you don’t intend to use it right away. That’s because medical expenses incurred before your HSA is set up are not eligible to be reimbursed.
Setting up and using an HSA makes a lot of sense. It’s an easy and convenient way to pay for your eligible medical expenses, enjoy tax savings and earn tax-free interest on your account balance, too. SelectAccount is the right choice because:
- Experience – Since 1989 we’ve been focused solely on medical account administration, serving clients and individual account holders in all market segments across the country.
- Choice – SelectAccount offers a range of HSA account options with varying administrative fees and market- leading interest rates on account balances.
- Service – Our team of specially trained HSA experts are here to support you. In a recent survey, 96% of SelectAccount customers were either satisfied or extremely satisfied with the service they received. Give us a call at 1-800-859-2144. Our call center is open 7 a.m. to 8 p.m. Central Time, Monday through Friday.
- Convenience – Access your HSA funds quickly and easily with the SelectAccount debit card or choose other convenient reimbursement options like online or mobile reimbursement with direct deposit or crossover (automatic claim reimbursement). The SelectAccount mobile app gives you on-the-go access to your accounts with the option to sign in with your fingerprint.
- Investments – Once you reach a minimum of $1,000 in your account, you can invest the amount over $1,000 into mutual funds selected by Devenir Advisors LLC for SelectAccount. Once you have $10,000 in investments an optional self-directed HSA brokerage account is also available.
Qualifying Health Plans
To be eligible to open an HSA, you need to have a high-deductible health plan that meets IRS guidelines for the annual deductible and out-of-pocket maximum (outlined below). Additionally, all services must apply toward the deductible (including prescription drugs), with the exception of preventive care services.
|Min Deductible 2017: $1,300||Min Deductible 2017: $2,600|
|Min Deductible 2018: $1,350||Min Deductible 2018: $2,700|
Out of pocket maximum:
|Out of Pocket Max 2017: $6,550||Out of Pocket Max 2017: $13,100|
|Out of Pocket Max 2018: $6,650||Out of Pocket Max 2018: $13,300|
- You cannot be claimed as a tax dependent by someone else
- You cannot be enrolled in Medicare or Tricare.
- You cannot be covered under a health plan (as an individual, spouse, or dependent) that is not an HDHP
- If you are also covered by a medical flexible spending account (FSA), it must be a limited FSA, covering only vision and dental expenses.
This applies even if the FSA is in your spouse's name.
Other Benefit Plans
You may enroll in the following types of plans while maintaining your HSA eligibility:
- Accident coverage
- Disability coverage
- Dental and vision care
- Long-term care insurance
- Insurance for a specified disease or illness
- Insurance that pays a fixed amount per day (or other period) of hospitalization
- Insurance in which the coverage relates to liabilities from workers’ compensation laws, torts or ownership or use of property (such as automobile insurance)