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Health Savings Account

How To Enroll and Contribute

How To Enroll and Contribute

A Health Savings Account (HSA) is available to Consumer-Directed Health Plan (CDHP) members.

An HSA is an individually owned, tax-advantaged account that puts the retiree in control over how his or her healthcare dollars are spent.

How to enroll

The annual Retiree Medical Plan Election Period is typically held in October/November.

Retirees who enroll in the CDHP  will be provided the opportunity to open an HSA. There are two options available for retirees to enroll in the HSA.

Retirees that complete their HSA enrollment prior to December 15 will be sent a Welcome Kit containing important information about their account, including how to designate authorized signers and beneficiaries in late December.

For security purposes, the retiree’s HSA Bank VISA® Debit Card will arrive in a separate package within five to 10 business days after receipt of the Welcome Kit with tips on how to get started using the card to pay for qualified medical expenses.

If HSA enrollment is completed after December 15, the retiree can expect to receive debit cards and welcome kits within 7-10 business days.

Retirees will have a monthly administration fee of $1.75 deducted from their HSA by HSA Bank if their account balance is under $3,000. There is no fee if a retiree maintains a balance of $3,000 or more. Other fees, such as those for checks and account closing, will be highlighted in the Welcome Kit to be received upon enrolling in the HSA.

How to contribute

Retirees decide whether or not to contribute to their HSA. Retirees can contribute to their HSA by:

  • Mailing contributions using deposit slips from their HSA checkbook or contribution form on the back of their quarterly statement
  • Automatically transferring contributions from a personal checking or savings account through HSA Bank’s internet banking site.

Retirees can receive a tax deduction for post-tax contributions on their annual income tax return.

Retirees that discontinue their enrollment in the CDHP in the future can continue to use the funds in their HSA for qualified medical expenses but can no longer contribute to the account.

Retiree responsibilities

It is important for retirees to remember they own their HSA.

It is the retiree’s (i.e., account owner’s) responsibility to understand how an HSA works and the associated Internal Revenue Service (IRS) rules and regulations − that is, eligibility requirements, contribution limits, qualified medical expenses, etc.

HSA account owners will receive quarterly statements from HSA Bank similar to a regular checking account showing average balance, closing balance and any debits or credits to the account. Account owners also will have online account access.

Each year a 1099-SA and a 5498-SA statement is issued to assist with income-tax filling.

It is important for retirees to keep copies of medical receipts to verify how they use their HSA funds. An HSA account owner is responsible to the IRS for all types of withdrawals made from their HSA and will be required to pay taxes on and will face a 20-percent tax penalty (if the money is spent before age 65) if any HSA money is used for purposes other than to pay for qualified medical expenses.

For More Information

For more information about HSAs, retirees can call HSA Bank at 1-800-357-6246, Monday – Friday, 8:00 am – 10:00 pm ET or visit  Questions can be directed to a customer-service representative by phone or e-mail at



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