How Do You Establish an HSA? | First United Bank & Trust

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Health Savings Accounts

What Are Health Savings Accounts?
Who Can Establish an HSA?
How Much Can Be Contributed to an HSA?
How Do You Establish an HSA?
Who Can Make Contributions to an HSA?
How Are Contributions Made to an HSA?
Can You Make Contributions to an HSA if You Are Covered under an FSA or HRA?
Can Your Contributions Earn Interest?
How Are Contributions Taxed?
How Are Distributions Taxed?
What Are Qualified Medical Expenses?
Are Rollovers Permitted?
What Happens to Funds Remaining in Your HSA?

How Do You Establish an HSA?

An HSA is a tax-exempt trust or custodial account that can be established through any qualified trustee or custodian, including a bank or credit union, an insurance company, or a third-party administrator. In some cases, this may be the same institution offering the HDHP. You can open an HSA on your own or, if available, through your employer.

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