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.

Individual health plan guidelines

Minimum annual deductible

2012: $1,200

2013: $1,250

Out-of-pocket maximum

2012: $6,050

2013: $6,250

Family health plan guidelines

Minimum annual deductible

2012: $2,400

2013: $2,500

Out-of-pocket maximum

2012: $12,100

2013: $12,500

Additional requirements

• You cannot be claimed as a tax dependent by someone else.
• You cannot be enrolled in Medicare.
• You cannot have any other medical coverage that will disqualify the HSA.

Are you eligible?
If so, start saving today on your own or through your employer, if they offer the option.

Who can make contributions?
Within the tax year, contributions to your SelectAccount HSA can come from you, your employer or both:

• Contributions to your HSA are tax deductible as long as you do not exceed the annual contribution limit.
• If your employer contributes to your HSA, the funds are yours as soon as they are deposited - and the funds are yours to keep, even if you change jobs or retire.
• If you're 55 or older, you are eligible to make catch-up contributions when you open an HSA.

Ways to contribute
There are several ways to contribute to your account:

• If your employer offers the option, have your contribution deducted from your paycheck; contributions made directly from your paycheck increase your financial benefit.
• Contribute to your HSA account online—simply sign-in to make a one-time deposit or set up recurring contributions from your checking or savings account.
  

Contribution limits
Knowing the contribution limits that are set by the IRS each year will help you make the most of your HSA. The HSA contribution limits for individual or family health plans are as follows:

Individual contribution limits
2012: $3,100
2013: $3,250

Family contribution limits
2012: $6,250
2013: $6,450

Catch-up contribution amount for individuals age 55 and older
2012: $1,000
2013: $1,000

You can make a withdrawal from your SelectAccount HSA at any time—and withdrawals made for qualified medical expenses are tax-free. Simply be sure to keep your receipts for eligible expenses.

Eligible medical expenses
From clinics and pharmacies to acupuncture and smoking cessation programs, your HSA dollars can be used to pay for eligible medical expenses.

How to pay for health care expenses
There are a number of ways you can pay for eligible medical expenses with your HSA dollars. Sign-in to your account to submit an online HSA Withdrawal Request to SelectAccount, use your SelectAccount HSA debit card or use the crossover feature. You may also sign up with your bank for free direct deposit, which allows you to receive payments faster.

Do you consider yourself an HSA saver who is using the account primarily to maximize tax-advantaged retirement savings? If so, you may want to consider the advantages of our online self-directed mutual fund investment account.

• You can open an HSA Basic Investment Account once your base balance exceeds $1,000, giving you access to a variety of no-load and load waived pre-selected mutual funds.
  
• Once your HSA Basic Investment Account exceeds $10,000, you can open a self-directed HSA Brokerage Investment Account with Charles Schwab & Co. Inc., giving you access to more than 2,500 mutual funds as well as stocks, bonds and other investments.
• With a SelectAccount HSA, you’re in control of your investment—you decide whether and when to invest, you select the funds in which you want to invest and you decide how much to invest.

Our pre-selected mutual funds have been chosen by Devenir Investment Advisors, LLC, a registered investment advisor. Charles Schwab & Co. Inc. is a registered securities broker dealer, member SIPC/NYSE, and an affiliate of The Charles Schwab Trust Company.

Setting up and using your HSA is convenient and simple. Here’s all you need to do to take advantage of your HSA benefits:

Enroll
Fill out an HSA application online.

Register for online access to your account. Manage your account information, view statements and reports and update your personal contact and account information online.

Start making contributions
If your employer offers the option, consider setting up automatic deductions from your paycheck. You can also make contributions by signing into your account and setting up a one-time or recurring transfer from your bank account.

Choose a SelectAccount HSA debit card
The SelectAccount debit card gives you direct access to your account dollars and offers a quick, convenient way to pay for medical expenses.

Know your eligible expenses
Get the most from your HSA dollars by familiarizing yourself with the eligible medical expenses that are covered by your SelectAccount HSA.

Watch these short videos to learn more about the SelectAccount HSA and our easy-to-use online resources.

HSA open enrollment presentation
Online Member Service Center demo