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  • Tax-Free Withdrawals: Your funds may be withdrawn tax-free, as long as you use them for eligible medical expenses.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.

 

 

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:

  • Interest earned on every dollar.2
  • Debit Card with unlimited point-of-sale transactions.
  • Access to over 26,000 fee-free ATMs with MoneyPass.4
  • Checks (price varies by order).
  • Online Banking and Bill Pay.
  • Mobile Banking App.3
  • Monthly eStatements for viewing transactions ($2 monthly fee for paper statements).
  • Put your funds to work with our investment options. Choice is partnered with Devenir, a leader in investment solutions for employee health benefit services.6

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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Fee Schedule5

$2.50/month=
daily minimum balances $0-$2,999

No fee=
daily minimum balances $3,000+

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The IRS sets annual limits for deductibles, out-of-pocket expenses and contributions. Here are the limits for single and family plans:

2017 Limits

  • Minimum Deductible:
    Single: $1,300  Family: $2,600
  • Maximum Out-of-Pocket Expenses:
    Single: $6,550  Family: $13,100
  • Maximum Contribution:
    Single: $3,400  Family: $6,750
  • Catch-Up Contribution (55+) 2010 and thereafter:
    Single: $1,000  Family: $1,000

2018 Limits

  • Minimum Deductible:
    Single: $1,350  Family: $2,700
  • Maximum Out-of-Pocket Expenses:
    Single: $6,650  Family: $13,300
  • Maximum Contribution:
    Single: $3,450  Family: $6,900
  • Catch-Up Contribution (55+) 2010 and thereafter:
    Single: $1,000  Family: $1,000

Apply for an HSA

 

 

Choice HSA Customer Service

  • HSA Helpline

    (866) 702-9033
    8:00AM – 6:00PM 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. 4You may be charged a foreign ATM fee. 5A monthly service charge of $2.50 will apply, waived on daily minimum balances over $3,000.

6Investment 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

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.

 

Forms

Frequently Asked Questions

Who is eligible to open an HSA?
To open an HSA, you must meet the following criteria:

  • Must be covered by a high deductible health plan (HDHP)
  • Not covered by another health plan
  • Not eligible to be claimed as a dependent on another person’s tax return
  • Not entitled to Medicare benefits

Who can contribute to my HSA?
Any eligible individual may contribute to an HSA. If the HSA was established by the employer on behalf of the employee, either the employer or employee can contribute.

What are the contribution limits?
Please see limits above under ‘HSA Benefits.’

What can I spend my HSA funds on?
You can use your HSA funds to pay for any qualified medical expense. Qualified medical expenses are a defined term created by the IRS and include: medical, dental and vision. Please refer IRS Publication 502 or the Eligible Medical Expenses sheet on our website.

If my spouse has a non-HDHP, would that prohibit me from getting an HSA?
No, as long as you have a qualifying high deductible health plan, you may open a health savings account.

My wife and I have family coverage; can we both open an HSA?
Yes. You may both open an HSA however; the total amount that may be contributed to your HSAs is the family limit (see chart in Quick Reference Guide).

 

If I leave my job, what happens to my HSA?
Your HSA account belongs to you, so you may continue to use the funds in the account to pay for medical expenses.

What are “catch-up” contributions?
Individuals aged 55 and older may contribute an additional $1,000 to their HSA each year, in addition to their yearly maximum.

I’m 65 and covered under a HDHP, can I still contribute to an HSA?
Yes, as long as you are not enrolled in Medicare Part A or B. Once you are enrolled in Medicare, you are no longer eligible to contribute to an HSA.

What tax documents do I receive at the end of the year?
1099-SA will be mailed in January and shows your distributions and a 5498-SA will be mailed in May and shows your contributions. (The 5498-SA is not mailed until May because you are eligible to make prior year contributions up until the tax deadline for the year.)

What happens to my funds when I pass away?
Your funds will be transferred to your spouse, if you are married. Your funds will be transferred to the named beneficiary on your account, if you are not married.

Do I ever lose the funds if I don’t spend them?
No, the funds transfer over from year to year.

Choice HSA Customer Service

  • HSA Helpline

    (866) 702-9033
    8:00AM – 6:00PM 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.