Health Savings Accounts

Plan ahead for medical expenses with an HSA

This Health Savings Account lets you create a financial buffer to address the rising costs of healthcare. You can qualify to open an HSA if you're currently enrolled in a high-deductible health insurance plan (HDHP).

Health Savings Accounts are offered for individuals or families. Your savings will grow at a competitive rate while you enjoy certain tax advantages that your tax advisor can explain fully. You'll get easy access to funds whenever you need to pay a medical bill, and you can manage your account online anytime.

Sharonview Visa^® Health Savings Account Debit Card

How to Set Up a Health Savings Account

• Sharonview offers both Individual HSA and Family HSA
•  Use the "Open an HSA" link above
•  Complete the required information. You will need your SSN and SSN of any beneficiaries
•  New HSA available for contributions within 1 business day

What is a Health Savings Account?

• Also, known by its initials, an HSA is a savings account where you can place money on a pre-tax basis, for use on medical expenses.
• You may make contributions to a Health Savings Account only while you are enrolled in a High Deductible Health Plan (HDHP). For further information on HDHPs and HSA requirements, you may refer to healthcare.gov.
• Funds are designated for qualified health and medical related expenses such as deductibles, doctor appointments, eye care, medicine and more. Please refer to the IRS Publication 502 for a list of approved expenses.
• Spending untaxed funds on these medical expenses can lower the overall cost of your health care.¹
• Unlike a flexible savings account (FSA), funds in the HSA can carry over from one year to the next if they are not spent during the year. You may spend remaining HSA funds on qualified expenses even if you no longer have an HDHP, but you would not be able to make any further contributions.

How Do You Use Your Health Savings Account?

• You can set up automatic contributions with your payroll department to deposit a portion of your paycheck, pre-tax, into your HSA account.²
• Review maximum deposit amounts per year for person and families on healthcare.gov.
• A Sharonview HSA comes with a HSA Visa® Debit Card for ease of accessing funds.
• Use the debit card when paying for your office visit, medication, etc. It should be ran as a credit card transaction.
• You can review your Sharonview HSA balance in Online Banking and the Mobile App.

More Questions About Health Savings Accounts?

1. If you have questions about pre-tax contributions and/or tax implications, please refer to a tax professional for tax advice for your individual situation.
2. Please refer to your payroll department for information on setting up contributions to a Health Savings Account.