Setting Up The HSA

HSA User — Thu, 29 Oct 2009 00:58:33 +0000

Setting Up The HSA Since I am completely new to HSA’s, I had no idea where to begin with how to open an account. I thought my insurance would handle this process. I don’t know if this is the norm or the exception, but I was expecting to find details about how to open an HSA when I received my paperwork from my insurance company (which was set up through my employer).

Not Your Insurance Company. I called the insurance company asking about how to set up an HSA. The customer service clerk said I had to go to my personal bank to open a health savings account.

Set Up Your HSA Through The Bank. I visited the local branch of Bank of America to inquire about opening an HSA. The two people I spoke to had no idea what an HSA was (a troubling sign if you think about it), but I finally talked to a special accounts representative (you know, the people who actually get to sit at a desk as opposed to stand behind a counter). He ended up directing me to visiting Bank of America’s Benefit Solutions page. This was frustrating, as I should have just googled this ahead of time to save myself the trip.

Set Up Your HSA…Online. Nevertheless, I visited the website as suggested to open an online account for my HSA. The online account asks for the standard information you’d have to fill out to open anything bank-related. It did not take a long time. When I filled everything out, the website said my application would be reviewed and I would be sent the appropriate paperwork about my account.

Waiting Is The Hardest Part. I waited a few business days to receive an e-mail confirmation (being the 21st century and all), but did not receive anything. After about three business days, I called Bank of America’s benefit solutions hotline to ask about my account. The customer service representative said my account had been approved and that I should be receiving the information.

I actually received the paperwork with my Bank of America debit card enclosed the next day. My next blog post will discuss transferring funds to the HSA and what I can do with the aforementioned debit card.

Intro To The HSA Blog

HSA User — Mon, 26 Oct 2009 07:45:29 +0000

The goal of this blog is to document my personal experience with opening and utilizing a health savings account (HSA). With most of Washington, D.C.’s focus on healthcare “reform,” I thought it would be worthwhile to note my use of a HSA: the likes and dislikes, the pros and cons, the costs that I incur, etc.

I do believe that as a 20-something year old in good health, HSA’s are a viable option to paying for my own healthcare. It did not make sense to select the option of having to pay premiums each month when I would only visit the doctor at most, once a year, and take very few medications.

HSA’s aren’t the panacea to health “reform,” but they are a good start. At the very least, I look forward to exercising greater discretion and control over my healthcare spending.

HSAuser's Blog

Setting Up The HSA

Intro To The HSA Blog