ACA health insurance
How to open an HSA, step by step
First get a high-deductible health plan that qualifies, then open an HSA with a bank, credit union or HSA company, then fund it. You can often set it up online in one sitting.
The steps
- Confirm your health plan is HSA-eligible. The plan documents say so.
- Choose where to open the account: through your employer's provider, or on your own at a bank, credit union or HSA custodian.
- Compare fees, investment options and how easy it is to pay providers or reimburse yourself.
- Open the account and set up contributions, by payroll deduction or by transfer.
- Keep receipts for medical costs you pay, since you may need to show a withdrawal was qualified.
What to compare
Monthly or annual fees, whether there is a minimum balance, the debit card or app, and whether the balance can be invested once it passes a set amount. A low-fee account matters more the longer you leave money in it.
Have this ready when you call
- Proof your plan is HSA-eligible
- Your Social Security number and ID for the account application
- Your bank account for funding
Common questions
Can I open one without an employer?
Yes. You can open an HSA on your own as long as your health plan qualifies.
Can I open it before my plan starts?
You generally cannot contribute for months you were not covered by a qualifying plan, so plan the start of your account around your coverage dates.
Related answers
Rather talk it through?
Call 855-367-1095 and a licensed agent will go through your situation with you. There is no charge to ask, and no obligation to enroll.
- Licensed insurance help
- No guaranteed eligibility, pricing, or availability
- Educational starting point
Information on this site is educational and does not guarantee eligibility, enrollment, pricing, or availability. It is not a recommendation to buy any specific plan or policy.