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Setting Up Your Health Savings Account MyHealthSavingsAcct provides access to FDIC insured Banks offering Health Savings Account administration for both qualified and non-qualified accounts. The Bank offers interest on the deposits into your savings account and investment options in Mutual Funds.
Applications and Forms: Complete forms online by typing your information into each field and pressing tab to go to next section. For example: on the Health Savings Account (H.S.A.) Application, after you type in your 9 digit Social Security Number press tab to go to the Birth Date field. Health Savings Account (H.S.A.) Application (complete online, print and sign) |
 
1. TAX SAVINGS Federally Qualified HSA contributions can be deducted from your gross income on your federal tax return, even if you do not itemize deductions. Many states also allow the deduction from state income taxes. 
2. TAX DEFERRED INTEREST & EARNINGS Funds left to accumulate in your HSA can grow with tax deferred interest and earnings.
3. REDUCED INSURANCE PREMIUMS Your insurance premiums are usually lowered by 20%-40% when you change from a low deductible to a high-deductible plan. You can use these savings to fund your HSA.
4. PORTABILITY Even if you change jobs, your HSA funds go with you. You own your account.
5. LONG-TERM SAVINGS You can choose to let the funds in your account grow tax-deferred. After age 65, you may make withdrawals from your HSA for any reason without a penalty. |
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Copyright (c) 2005 - MyHealthSavingsAcct - All rights reserved |
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More Information on How to Set Up a Health Savings Account