Account Setup

• Sign up for a HSA through your bank, credit union, or insurance company. Employers often have a HSA plan as well. Your account trustee or custodian, at the financial institution of your choice, will determine what you need to do to establish your account. This will include filling out some paperwork and making a minimum deposit. While the HSA does not cost you anything, it does require a deposit (tax-deferred) and a HDHP. HSA trustees will also charge fees for services, however, these fees are minimal.
  
  

Eligibility

• Eligibility is established with a qualified HDHP. You are also only allowed to have automobile, dental, vision, disability and long-term care insurance at the same time as an HDHP. Additionally, the HDHP does not need to be in your name in order to establish eligibility. As long as you are covered under a HDHP policy, you are eligible. You are not eligible if enrolled in Medicare.
  
  

Contributions

• There is a limit to how much you can put in your HSA, which may change annually. You can contribute as frequently as you want and in any amount that you want; however, your account trustee or custodian can charge a fee for not meeting minimum deposit and balance requirements. Contributions can also be made by your employer; however, only personal contributions offer an "above the line" tax deduction.