Health Savings Account (HSA)

What is a Health Savings Account (HSA)?

A tax-favored savings and investment account, created by the Medicare Act of 2003. that allows participants in a qualifying high deductible health plan (HDHP) to pay for qualified medical expenses. This account may also become part of a comprehensive retirement strategy. 

An HSA can also be used as a supplementary sources of retirement income. Once an individual reaches age 65, distributions from the account for non-medical related items are taxed as normal income. However, unlike an IRA, there are no mandatory age-related distributions from an HSA. 

• An individual must be covered by a qualifying high deductible health plan
• May not have other medical coverage (other than certain types of allowable insurance, such as dental, vision, or long-term care coverage)
• Cannot be claimed as a dependent on someone’s tax return

• Contributions made by an individual, including the account owner, are tax deductible on the account owner’s federal income tax return
• Catch-up contributions are available to account holders age 55 or older
• Employer contributions are tax deductible by the employer and excluded from the employee’s income
• To facilitate funding of HSAs, a one-time trustee-to trustee transfer of assets is permitted from IRAs, up to the maximum annual contribution

What do I need to apply?

To apply for an HSA the following information is required:

• A valid email address and phone number
• Your Social Security Number and date of birth
• Your physical address (no P.O. Boxes)

Am I eligible for an HSA?

In order to open and contribute to an HSA, you must meet the following requirements:

• You must be enrolled in a qualified high deductible health plan (HDHP).
• You must be covered by the qualified HDHP on the first day of the month.
• You cannot be covered by any other non-HSA-compatible health plan, including Medicare Parts A and B.
• You cannot be covered by TriCare.
• You cannot be claimed as a dependent on another person's tax return.
• You must have a valid email address, Social Security Number, and a primary residence in the United States.

Important Information

This application is for individuals who do not have an employer-sponsored HSA. If you are opening an HSA as part of your employer benefits, contact your employer for more information.

This application is for NEW accounts only. If you have an existing or closed account, you cannot use this application. To reopen a closed account, please contact our Client Assistance Center at 1-800-357-6246.

All checks are made payable to “HSA Bank” and sent directly to HSA Bank; 605 North 8^th St. Ste 320; Sheboygan, WI 53081.*

Once funds are deposited and cleared within HSA Bank, funds can then be moved to the clients Pershing account via HSAbank.com or by calling HSA’s customer support.

Funds can be sent to Pershing as a one-time, periodic, or ad hoc via the client’s online access with hsabank.com

* Any check made payable to Lincoln Investment or Pershing LLC, will be returned to the client.

Can the client setup ACH contributions?

Yes, client will complete HSA Bank’s ACH setup request available at hsabank.com.

Can the client rollover/transfer an existing HSA into their new HSA Bank account?

Yes, clients are able to rollover/transfer an existing HSA into their new HSA Bank account with HSA Bank rollover/transfer forms available at hsabank.com and the Lincoln DOL forms.

Please contact Advisor Services with any other questions or concerns you may have with HSA Bank accounts.

Our first priority is helping you take care of yourself and your family. We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of my foundation of success.