Freedom HSA

Frequently Asked Questions

Let's take a moment to review questions you might have about the features, benefits and procedures for your Freedom HSA™ account.

Who can have an HSA?

Anyone 18 to 64 years old may set up a health savings account (HSA). You must have a health plan that meets certain rules.

HSA Contribution Limits: The 2014 annual HSA contribution limit for individuals with high-deductible health plan (HDHP) coverage is $3,300 and the limit for individuals with family HDHP coverage is $6,550.

HDHP Minimum Required Deductibles: The 2014 minimum annual deductible for self-only HDHP coverage remains $1,250 and the deductible for family HDHP coverage is $2,500.

HDHP Out-of-Pocket Maximum: The 2014 maximum limit on out-of-pocket expenses (including items such as deductibles, co-payments, and co-insurance, but not premiums) for self-only HDHP coverage is $6,350, and the limit for family HDHP coverage is $12,700.

How does my Freedom HSA work?

* Deposits - you choose between automatic bank deposits or submitting a check to your account.

Persons age 55 may make an additional "catch-up" contribution of $1,000. These amounts must also be prorated for the number of full months you've enrolled in the qualified health plan.

* Withdrawals -Simply login to the secure member website or call 1-866-609.6502 and request a withdrawal to reimburse you for qualified expenses for yourself, your spouse or dependents. Remember to keep your receipts.

* Fees - Our standard fees are very competitive - just $2.50 per month for administration, and other fees may apply.

Who can contribute to my HSA?

Anyone can put money into your account. This includes family members and employers. The account owner receives the tax deduction.

How often do I need to contribute?

Contribute as frequently as you like. But the automatic monthly deposit option is an easy way to save.

Can I transfer my funds from or to another HSA custodian?

You can rollover a portion or all of your balance in an existing account. Medical Savings Accounts (MSAs) can be rolled to a HSA.

Who determines if the funds I withdraw from my account are for a qualified expense?

You are responsible to determine if the expense is qualified and must keep your receipts. Our website provides guidance, but we do recommend consulting a tax professional.

I received a 1099-SA. What is it for?

The 1099-SA form, showing prior tax year distributions, is mailed to your address on file each year, postmarked no later than Jan. 31. This information is submitted to the Internal Revenue Service by the trustee of your health savings account (HSA). You will need to file this with your taxes each year you have your HSA account and have distributions or purchases taken from the account. If you do not make a distribution in the calendar year then you will not receive a 1099-SA.

I received a 5498-SA. What is it for?

The 5498-SA information is submitted to the Internal Revenue Service by the trustee of your health savings account (HSA) contributions annually. Trustees are required by law to have this form filed and mailed out by May 31 of each year. (This is due to the fact you can contribute to your (HSA) account through April 15 or until you file your taxes for the previous year, which ever comes first.) This form is for you to keep on file, and to make sure the listed amount matches what you filed on the prior year taxes. You will not have to amend your taxes unless the amounts do not match what you filed with the IRS already. If you do not make a contribution to your account for the tax year then you will not receive a 5498-SA.