This little piggy’s got you covered.

Apply for an HSA

When you compare healthcare options, do you feel overwhelmed by contributions and eligible expenses and tax benefits and investment options? You’re not alone.

Choice Financial offers a better way. When combined with a High Deductible Health Plan (HDHP), an individual Choice Health Savings Account (HSA) can make your healthcare costs more affordable while reducing your income tax liability. Best of all, we make the process simple.

 

Enrolling in your employer’s HSA?

Apply for an HSA

 

 

How HSAs Work

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Individuals establish an HSA to pay for eligible medical expenses not covered by a High Deductible Health Plan (HDHP) and to save for future health care expenses. If you’re eligible, an HSA can provide significant tax benefits. We often refer to them as “triple tax savings”:

  • Tax-Deductible Contributions: Contribute up to the IRS maximum, and enjoy tax savings in an account that exclusively covers eligible medical expenses. HSAs cover the person who establishes the account and dependents covered under the High Deductible Health Plan.
  • Tax-Deferred Growth: Your HSA funds grow in an FDIC-insured savings account without being subject to taxes, unless you use them for non-eligible medical expenses.
  • Tax-Free Withdrawals: Your funds may be withdrawn tax-free, as long as you use them for eligible medical expenses. Like many retirement accounts, your funds roll over from year to year with no “use it or lose it” rules. If you wait until after age 65, your funds may be used tax-free for eligible medical expenses, or at your normal tax rate for other purposes.

 

 

Are You Eligible?

 

You’re eligible for an HSA if you’re:

  • Covered under a High Deductible Health Plan (HDHP).
  • Not covered under any other health plan other than the HDHP.
  • Not enrolled in Medicare (typically age 65).
  • Not claimed as a dependent on someone else’s tax return.

The IRS sets annual requirements for deductibles, out-of-pocket expenses and contributions. This year’s requirements for single and family plans:

  • Minimum Deductible:
    Single: $1,250  Family: $2,500
  • Maximum Out-of-Pocket Expenses:
    Single: $6,350  Family: $12,700
  • Maximum Contribution:
    Single: $3,300  Family: $6,550
  • Catch-Up Contribution (55+) 2010 and thereafter:
    Single: $1,000  Family: $1,000

 

Choice Financial HSAs

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Besides the benefits outlined above, a Choice HSA offers competitive product features, benefits and rates. Regardless of your balance, you receive:

  • Checks with unlimited check writing.
  • Debit Card with unlimited point-of-sale transactions.
  • Online Banking and Bill Pay.
  • Interest earned on every dollar.2
  • Monthly eStatements for viewing transactions ($2 monthly fee for paper statements).
  • Mobile Banking App.3
  • Put your funds to work with our investment options. Choice is partnered with Devenir, a leader in investment solutions for employee health benefit services.5

Our Rates

$0-2,499 = 0.05% APY1

$2,500-4,999 = 0.15% APY1

$5,000-14,999 = 0.30% APY1

$15,000+ = 0.55% APY1

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Annual Fees4

$0-$999 = $25

$1,000-1,499 = $15

$1,500+ = $0

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Apply for an HSA

 

 

Choice HSA Customer Service

  • HSA Helpline

    (866) 702-9033
    8:00AM – 5:00PM CST
    Monday – Friday

     

  • Email

    Email Our HSA Team

     

  • Address

    Choice Financial
    HSA Department
    4501 23rd Avenue South
    Fargo, ND 58104

1Annual Percentage Yield. Rate effective 1/11/12. Interest is compounded and credited monthly. 2Interest begins to accrue no later than the business day we receive credit for the deposit on non-cash items (for example: checks). Rates subject to change at any time. 3Fee may be assessed by your Mobile Service Provider. 4If account is closed within 12 months of opening, a $25 fee will be incurred. The annual fee is based on the year-end ledger balance of December 31 of every year, and is charged on January 1 of the following year.

5Investment Products are: NOT A DEPOSIT * NOT FDIC INSURED * NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY * NOT GUARANTEED BY THE BANK * MAY GO DOWN IN VALUE

 

 

 

Contributing to Your Account

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You can contribute to your Health Savings Account in several ways, including:

 

Check or Money Order
You can make contributions to your HSA by sending Choice Financial a check or money order. To ensure timely and accurate processing, include one of the deposit tickets provided with your checks or write your HSA account number in the memo area of your check. Please also include any special instructions (i.e. tax year, regular or catch-up contribution, etc.).

Contributions can be mailed to:
Choice Financial – HSA Department
4501 23rd Avenue South
Fargo, ND 58104

 

Transfers / Rollovers
You may be able to transfer or rollover the funds you have in an existing MSA, HSA, IRA or FSA (rules may apply) with another institution to establish or combine funds to your HSA with Choice Financial. Please contact our Customer Service team at (866) 702-9033 or hsa@choicefinancialgroup.com to determine eligibility.

 

Payroll Deductions
Contributions to your HSA can be made through an employer-sponsored plan such as a Section 125 Cafeteria Plan. In a Cafeteria Plan, the employer takes your HSA contributions out of each paycheck on a pre-tax basis. To implement this option, contact your employer, payroll or HR Department.

 

Wire Instructions

Name: Choice Financial Group
Routing #: 091302966
Account #: Your HSA Account Number
Credit: Customer Name and Account Number
Attention: Operations Team
Wire Cut-off Time: 2:30PM Central Time
Wire Fee for Incoming: $15
Wire Fee for Outgoing: $20

Forms

IRS/Tax Reporting

For income tax reporting, your 1099 SA (for HSA distributions) is mailed by January 31 each year. Your 5498 SA (for HSA contributions) is mailed by May 31 each year.

 

 

Choice HSA Customer Service

  • HSA Helpline

    (866) 702-9033
    8:00AM – 5:00PM CST
    Monday – Friday

     

  • Email

    Email Our HSA Team

     

  • Address

    Choice Financial
    HSA Department
    4501 23rd Avenue South
    Fargo, ND 58104

As a Health Savings Account (HSA) Administrator we are not certified in giving tax advice, determining the eligibility of insurance or advising customers on how to pay out their HSA dollars. If you have a question on the eligibility of your insurance, contact your health insurance provider. If you question the eligibility of an expense, please refer to IRS Publication 502 on the IRS website.