Health Savings Accounts (HSAs)

An HSA is an account where you deposit money every month and draw from this account to pay for allowable medical expenses. HSAs are an excellent way of paying for health care and saving money. They provide considerable tax savings while reducing healthcare costs. Patients are free to choose their own physicians, which gives them more flexibility. Health Savings Accounts can also be used to supplement income at retirement

 or in case of disability. HSAs provide many of the same great benefits as the MSA (Medical Savings Account), but without many of the restrictions that limited their availability and use.

Click here for details on what HSAs are and how they are similar to and different from MSAs.

The most obvious question usually asked is "what expenses are covered?"  The authoritative answer to that question can only come from the IRS, since they are they governing agency for this type of account.  They have produced a document that explains HSAs and what types of expenses that are allowed using money from the account.  You can review this document here: IRS Publication 502 .  In general, you can spend tax-free from your Health Savings Account on all medical, dental (including braces for your children), and vision expenses, chiropractic visits, and even acupuncture, but not on your insurance premium, unless you are unemployed and are collecting Federal unemployment benefits.

A very popular method of accessing the funds in your HSA is through the use of a debit card. Click the following link to find out more about this exciting feature.

Using debit cards to access your funds.

Getting Started

Download and complete this application to get started setting up your own HSA.

HSA Application (note. by signing this application you are confirming that you have read and understood the Custodial Agreement, which can be read here)

Once completed, please fax or mail this form to:

Tom Newby
Global Benefit Solutions, Inc.
8716 N. MoPac Expy Suite 200
Austin, TX 78759
FAX: 512.533.9937

More Information

Glossary of Terms relating to HSAs

List of articles related to HSAs

Frequently Asked Questions regarding HSAs (from the Dept of Treasury)

Legislative text on HSAs

Preventive Care clarification: Notice 2004-23

Administrative, Procedural, and Misc.: Notice 2004-25 and Rev. Proc. 2004-22

Health Savings Accounts: Rev. Rul. 2004-38

Clarification on HSA, FSA, HRA Relationship: Rev. Ruling 2004-45