Account Holder

SelfcareHSA

WHAT IS AN HSA?

A Health Savings Account (HSA) enables you to set aside pre-tax money to pay for qualified medical expenses today and save for those you may encounter in the future. HSAs are individually owned (by you). Interest earned, investment gains and distributions are tax-exempt when used appropriately.

AM I ELIGIBLE?

To be eligible to make HSA contributions, you must be enrolled in a qualified high-deductible health plan (QHDHP). QHDHPs are often made available by your employer or purchased individually through an exchange. For further detail, refer to the SelfcareHSA FAQs.

HOW DOES IT WORK?

It’s easy! Start contributing pre-tax money through your employer’s payroll process or roll over balances from another HSA. Use your HSA funds to pay for qualified medical expenses. It’s really that simple.

The SelfcareHSA Difference

SelfcareHSA puts you in control to decide how to use your tax-advantaged healthcare funds in ways that best meet your needs.
100% mobile-enabled. Anything you can do online can be done from your mobile device.
SelfcareHSA provides you with the ability to completely manage your HSA on your own, at your convenience. Rest assured, when you need assistance, our team is always there for you. Your journey. Your money. Your decision.
Small minimum cash balance required before investing, providing you the best of both spending and saving.
Built from the ground up, SelfcareHSA was created with you front of mind to make managing your HSA simple and convenient.

The SelfcareHSA Technology Benefits

Dashboard view of all your balances including cash, available to invest, and a combined total of cash and invested funds.
Explore HSA and investment activity in a single comprehensive transaction list.
Manage debit cards, link accounts and make additional contributions.
Categorize payments and view spending charts in a single view.
Control your profile information, including signers, dependents, and beneficiaries electronically.

HSAs Benefit You

The HSA triple tax advantage helps you make the most of your healthcare dollars.
HSA contributions, interest, and investment earnings are tax-exempt, and can accumulate and be saved for retirement.
HSA distributions are tax-exempt for qualified expenses and penalty free at age 65.
HSAs are similar to 401(k)s; the money is yours regardless of insurance carrier and employer changes; the funds are not subject to “use it or lose it” restrictions and roll from year to year until you decide to pay for eligible expenses or reimburse yourself for out-of-pocket payments.
HSA consolidation is not only permissible, it is smart. You determine which custodian is best for you.
HSAs can accumulate and be saved for retirement, as distributions are penalty free at age 65.

HSA Investing

We partnered with the HSA industry investment leader, Devenir, to make investing easy by utilizing the myHSAinvestments platform and tools.
Accelerate HSA savings potential by investing a portion of your balance in a diverse lineup of mutual funds offered by Devenir.
Investment capabilities are available by selecting mutual funds from the current list or by utilizing the Guided Portfolio.

SelfcareHSA Balance Requirement

SelfcareHSA has a low minimum cash balance requirement. Funds exceeding $500 are eligible to be invested. Maintaining the $500 cash balance provides you with peace of mind by having immediate access to HSA funds when surprise healthcare expenses arise.

The Best of Both HSA Spending and Saving

SelfcareHSA provides you with the ability to unlock your own perfect balance between having fast access to tax-advantaged funds with maximizing your account growth potential. Feeling prepared for life’s surprises and planning for your future has never been easier.

How Much Can I Contribute To My HSA?

TAX YEAR	HSA CONTRIBUTION	HSA CONTRIBUTION
	Individual	Family
2023	$3,850	$7,750
2024	$4,150	$8,300

At Age 55, an additional $1,000 is allowed annually

A Health Savings Account (HSA) enables you to set aside pre-tax money to pay for qualified medical expenses today and save for those you may encounter in the future. HSAs are individually owned (by you). Interest earned, investment gains and distributions are tax-exempt when used appropriately.

Since most companies make additional contributions on your behalf (free money), SelfcareHSA is happy to reach out to the appropriate individual within your company. Provide us with the information and we’ll take care of it. If you prefer, feel free to provide your company with our contact information and we’ll show them why SelfcareHSA is the better choice.

In the meantime, you could ask your Human Resources Department if you can make contributions through direct deposit.

Contributions are subject to change annually. For 2023, consumers on an individual plan can contribute $3,850.00 and on a family plan, $7,750.00. For 2024, consumers on an individual plan can contribute $4,150.00 and on a family plan, $8,300.00. Eligible individuals age 55 and older can contribute an additional “catch-up” contribution of $1,000.00. *Refer to IRS Publication 969 for additional details.

You have two options to move your funds: 1) you can have the other financial institution send SelfcareHSA a transfer request to send a check directly to the new custodian 2) you can request a distribution using the SelfcareHSA Distribution Request and we will mail a check directly to you, at which point you could take to your new financial institution and make a rollover contribution.

To update your information, access your online portal via web or mobile app and update your information via your profile. Or complete SelfcareHSA Profile Change Request form and follow the instructions on the form.

Yes, HSA funds can be invested. Investments, provided by Devenir’s myHSAInvestments platform, are available by selecting mutual funds from the available lineup yourself or by utilizing the Guided Portfolio. Access the Investment page within your SelfcareHSA portal.

For a detailed list of qualified medical expenses refer to IRS Publication 502.

To add a beneficiary to your HSA account, access your online portal via web or mobile app and select profiles then beneficiaries. If you are in a community property state and are naming someone other than your spouse as primary beneficiary, you will need to complete the SelfcareHSA Designation of Beneficiary form.

To add a dependent, access your online portal via web or mobile app select profiles then dependents. Once you add your dependents you will be able to label your expenses for tracking.

No. You will not be required to submit your receipts to substantiate qualified expenses. However, you will want to keep your receipts for tax reporting purposes. You have the ability to upload images of your receipts to your filing cabinet’ when submitting to pay a provider by check or reimburse yourself by check or ACH transfer.

Any eligible individual covered by an HDHP (and not otherwise ineligible) may contribute. Remember to not exceed the annual allowable maximums.

Yes. SelfcareHSA mobile app is available for download from your app store. Everything you can do on web, you can do on mobile!

If your insurance plan changes, you may be ineligible to continue to contribute to an HSA. However, you own your account. HSA funds can continue to grow, and you will not be penalized for not using your funds. Or, you will always have the option of spending your funds on qualified expenses without penalty, IRS Publication 502

To make additional contributions to your HSA, you will need to mail a completed SelfcareHSA Contribution form to SelfcareHSA. Be sure to follow the instructions on the form.

To make a prior year contribution to your HSA, you will need to mail a completed SelfcareHSA Contribution form to SelfcareHSA. Prior year contributions must be completed by Tax Day and the tax year must be documented on the form and the check. Be sure to follow the instructions on the form.

Review the Truth in Savings, Interest and Fee Schedules applicable to your HSA account.

Yes. SelfcareHSA accounts are interest bearing. Review Truth in Savings, Interest and Fee Schedule, for more information.

Excess contributions can be removed from your HSA by completing the SelfcareHSA Distribution form. However, we must also remove the interest associated with the excess contribution. To obtain the interest amount please call or email SelfcareHSA at 866-472-7353 or [email protected] (Do not send confidential information via email). To ensure accuracy we encourage you to speak with a tax professional.

It may take up to 3 business days after your payroll is processed for your funds to show in your account. If a non-payroll contribution, your funds will be deposited the business day they are received. Once you see the funds, they are available to spend.

To be eligible to make HSA contributions, you must be enrolled in a qualified high-deductible health plan (QHDHP). QHDHPs are often made available by your employer or purchased individually through an exchange.

Absolutely! Combining HSAs is smart. SelfcareHSA makes the process simple for you to transfer existing HSA balances into your account, too. With your permission, we will even do most of the work for you.

It’s easy! Start contributing pre-tax money through your employer’s payroll process or roll over balances from another HSA. Use your HSA funds to pay for qualified medical expenses. It’s really that simple.

HSA contributions up to the permitted maximum are excluded from gross income and the earnings in an HSA account are exempt from tax. Distributions from your HSA are tax and penalty free when they are spent on qualified expenses.

No, you own your account. HSA funds can continue to grow, and you will not be penalized for unused funds. This benefit is helpful in retirement planning.

Yes, any funds contributed to your HSA will remain your funds upon separation from your employer. However, your eligibility to continue to contribute could change if you change insurance plans. You may want to speak with your HR partner or a tax professional for further guidance. Remember, because you own your account, you can always spend your funds on qualified expenses.

Any funds contributed to your HSA are your funds and rollover from year to year. At the age of 65 you can take distributions from your HSA without an IRS penalty, but any funds distributed and not used on qualified expenses must be reported during tax filing.

You cannot add another owner to your account as they are individually owned. However, you can add an authorized signer to your account. To add a signer, access your online portal via web or mobile app and select profiles then signers. Signers will receive a debit card in their name which allows access to the HSA funds.

Typically, anyone that you can claim on your taxes as a dependent is considered a dependent for HSA spending. Consult with a tax professional for additional guidance.

You can access your funds using your SelfcareHSA debit card. In addition, you can pay a provider by check or reimburse yourself by check or ACH transfer. Access your online portal via web or mobile app and select Pay a bill.

Yes. You may use your funds on family members qualified expenses as long as they are considered dependents for income tax purposes.

You can close your account by either transferring all your funds to another financial institution or by completing the SelfcareHSA Request to Close Account form. There may be a $25.00 closing fee. Remember, even if you separate from your employer or change insurance plans, you own your account and you can always spend your funds for qualified expenses.

Yes. Your SelfcareHSA debit card will be mailed within 8 days of your account opening. If you have not registered through the online employee portal by the account opening date, you will receive your account disclosures by mail.

In the event of your death we will payout your HSA funds according to your beneficiary designations. If your spouse is your beneficiary, we will be able to transfer the funds to an HSA in your spouse’s name and treat the funds as if they were their own. If your beneficiary is a non-spouse the account ceases to be an HSA and the funds are paid out to the beneficiary and reported under the beneficiary’s social security number, they will claim the funds on their income tax but will not be penalized.

The IRS has provided a grace period for making contributions to your HSA. You will have until Tax Day, typically April 15th, to make contributions for your current tax filing year. For example, you have until April 15, 2019 to make 2018 contributions. If you make contributions within the grace period, you must complete a SelfcareHSA Contribution form to designate the tax year the contribution is to be credited towards.

Eligible individuals over the age of 55 may make additional “catch-up” contributions of $1,000 for the tax year to their HSA.

You will receive two tax forms in addition to your monthly statements. You will have received Form 1099-SA by the end of January that will report all your distributions. You will receive Form 5498-SA by the end of May that will report all your contributions, including, prior year contributions. You can locate these forms through your online portal via web or mobile app in the reports section.

Opening an account with SelfcareHSA is as simple as completing the SelfcareHSA application and mailing it to the address on the form along with any opening contribution, if applicable.

SelfcareHSA will allow you to spend your funds as you wish. It will be up to you to provide supporting documentation when filing your tax returns. SelfcareHSA will not determine what is qualified or non-qualified.