Listed below are frequently asked questions on HSAs. Click on a question below to view its corresponding answer.
- Who can help me establish my account?
- My bank/credit union doesn't offer HSAs, can I be my own trustee or custodian?
- I can't find a bank or credit union to open my account, what can I do?
- What is the difference between an HSA "custodian" and an HSA "trustee?"
- Can couples establish a "joint" account and both make contributions to the account, including catch-up contributions?
- Must couples open separate accounts?
- How soon can I open my account?
- I want to make sure my HSA is established as soon as possible. Can I establish my account before my HDHP coverage begins?
Who can help me establish my account?
eBenefits Administrators, Inc. is a full Plan Service Provider (PSP) for the HSAToday platform. We can help you establish your account and offer assistance as you grow with your HSAToday account through contribution management (to protect against over-contribution) and medical expense eligibility certification for expenses entered into your Claims Vault.
My bank/credit union doesn't offer HSAs, can I be my own trustee or custodian?
No, you must establish your HSA with an approved institution.
I can't find a bank or credit union to open my account, what can I do?
eBenefits Administrators, Inc. can help facilitate this process for you regardless of where you live.
What is the difference between an HSA "custodian" and an HSA "trustee?"
The differences between a custodian and a trustee are minor. A trust is a legal entity under which assets are actually owned and held on behalf of a beneficiary. The trustee has some level of discretionary fiduciary authority over the assets of the fund. The trustee must exercise that authority in the best interests of the beneficiary. A custodial arrangement, on the other hand, is like a trust, but the custodian simply holds the assets on behalf of the owner of the assets. Other than holding the assets and doing as the owner orders, the custodian has no fiduciary obligations to the owner. The determination of what constitutes a trust or custodial arrangement is a determination made under state law.
Can couples establish a "joint" account and both make contributions to the account, including catch-up contributions?
Joint HSA accounts are not permitted. Each spouse should consider establishing an account in their own name. This allows you to both make catch-up contributions when each spouse is 55 or older.
Must couples open separate accounts?
If both the husband and wife are eligible to contribute to an HSA, they are both eligible to establish separate HSAs. However, if both spouses want to make catch-up contributions when they are age 55+, they must establish separate accounts.
How soon can I open my account?
Your account can be established as early as the effective date of your HDHP coverage. However, if your coverage begins on any day other than the first day of the month, you cannot establish your account until the first day of the following month.
I want to make sure my HSA is established as soon as possible. Can I establish my account before my HDHP coverage begins?
You can complete all the paperwork and make a minimum deposit to your account prior to the effective date of your HDHP coverage. However, your account is not officially established until your HDHP coverage begins. But completing the necessary steps before your coverage begins ensures that your HSA will be established as early as possible. This is especially important when your HDHP coverage is effective on a non-business day.
