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Open a Health Savings Account (HSA) in 3 Easy Steps

January 1, 2010

 

Step 1 - Make sure that you are eligible

Step 2  - Update your health insurance 

Step 3 - Open a HSA deposit account  


STEP 2.  Update Your Health Insurance

All HSA-qualified health insurance policies (at least all that we have seen) have the words "Health Savings Account" on the title page of the policy so it is not difficult to tell whether your insurance meets HSA requirements. Most health insurance policies do not meet this requirement, so this Web page assumes that you must drop your current health insurance plan and enroll in a new HSA-qualified insurance.

The easiest way to get rates, details and enrollment forms for INDIVIDUAL and FAMILY plans is to get a free price quote directly online at www.healthsavingsacount-hsa.com or use the OnlineAdviserTM service for paid professional help. (Check the box that says "Health Savings Account" under the financial interests section.


INDIVIDUAL OR FAMILY INSURANCE - Several of the largest and least expensive HSA-qualified insurance plans for individuals and families are listed here at www.MedSave.com.  Insurance applications may be completed directly online or sent by fax to (800) 609-0683
.  Coverage may be bound the same day that the application is completed directly online, or you may request a later start date.


GROUP INSURANCE FOR BUSINESSES - Instructions for pricing and enrolling in HSA plans are listed at www.FreedomBenefits.org  This service must be initially pre-paid, but orders are usually fulfilled in one business day.

Pricing for group health insurance is higher than individual health insurance.

MedSave.com does not issue HSA-qualified group health insurance but recommends Freedom Benefits Association for all small business benefit plan services; see www.FreedomBenefits.org for pricing and details of this service.  A Group Proposal Request Form is available online to help gather the information requested for plan pricing.  Actual pricing is determined by an insurance underwriter after reviewing a written application with a disclosure of health risks.

 

continue to Step 3

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