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Your HealthSavings HSA

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Frequently asked questions
Debit Card Questions

If you chose to receive a debit card, your card will arrive in the mail within 5 to 7 business days of opening your account. For your security, the card will come in a nondescript envelope from Richmond, VA. Please watch your mail carefully.

Simply dial (855) 284-0673 from your home phone (must match the home phone number on file) and follow the prompts.

You will select a personal identification number (PIN) during debit card activation. Primary account holders and their authorized signer(s) share the same PIN. You can change the PIN by calling (855) 284-0673 from your home phone.

Log into your account, then go to PROFILE > MY PROFILE > ACCOUNT INFORMATION and check the box next to “Yes, I would like a card for my account.” Debit card(s) for your authorized signer(s) may be ordered under PROFILE > MY PROFILE > AUTHORIZED SIGNERS. (Watch our “how to” video.) Debit cards for the account holder and first authorized signer are free. Debit card(s) for additional authorized signer(s) are $6/each.

Your debit card is accepted at ATMs and by medical providers who accept Visa (e.g., doctors’ offices, pharmacies, medical supply stores, etc.).

To safeguard against improper or accidental use, debit cards are restricted to merchants that provide medical products and services. If you need to make a purchase from a non-medical merchant for an eligible medical expense, you may purchase the product or service out-of-pocket and reimburse yourself later from your HSA.

After you receive a bill for a qualified medical expense, fill in your debit card number on the payment form and return your payment to the address noted on the bill.

Yes. For your security, there is a daily limit of $2,000 for point-of-sale purchases and $500 at ATMs. If you need to pay a larger medical expense, contact us to request a temporary limit increase.

Remember, funds are deducted from your cash account, so you must have sufficient funds in your cash account to cover the expense(s).

You have options! You can pay part of the expense from your HSA and the remaining portion using another payment method. You can also pay the entire expense using another payment method and reimburse yourself later from your HSA. Or ask the medical provider to set up a payment plan.

Yes, it’s possible to overdraw your cash/debit account and incur fees if your HSA does not have sufficient funds to cover the transaction when processed. To avoid fees, we strongly encourage you to monitor your account balance and debit card purchases.

If you use your debit card for a non-qualified medical expense, you must report the expense on your income taxes and are subject to income tax and a 20% penalty. To prevent this, complete and submit our Distribution Reversal Form before filing your taxes on April 15.

Contact us immediately at (888) 354-0697.

Investment Questions

On average, Medicare covers about 59% of healthcare costs, leaving you to cover the remaining 41% from your retirement savings. Studies indicate that the average couple retiring at 65 years old today will need anywhere from $147,000 – $245,000 to cover these expenses. So, you can see why it’s important now, more than ever, to efficiently save for these future expenses. Find out how an investment HSA can help.

No. You can invest in as many funds as you would like.

You may make investment changes online or by mail or fax.

  • To change your investments online, log into your account and/or watch our “how to” video. After logging in, go to INVESTING > INVESTMENT DIRECTION, then choose the option best suited to your needs. You may change your investment elections, rebalance your investments or transfer investments by percentage, dollars or units/shares. Requests received before 2 p.m. ET will be processed the same business day. Requests received after 2 p.m. ET, on a weekend or holiday, or involving the cash account, will be processed using the next market day’s closing price.
  • To change your investments by mail or fax, download, complete and submit our Investment Change Form. By using this form, you are limited to making changes to four funds. Mailed or faxed forms received in our office by 2 p.m. ET will be processed the same business day. Forms received after 2 p.m. ET, on a weekend or holiday, or forms containing transfers to/from the cash account, will be processed using the next market day’s closing price.
Account Options & Details

You may open an investment account, cash account (debit card optional) or both.

  • The investment account offers first dollar investment options in your choice of low cost, high quality mutual funds. That means that there’s no minimum balance required to invest. Remember that investment products are not insured by FDIC or any federal government agency. Investments may lose value, and they are not guaranteed by the bank or any bank affiliate.
  • The cash account is an interest-bearing savings account with optional debit card. The interest you earn in the cash account increases as your account balance increases. The cash account is FDIC insured, and there are no monthly low balance fees associated with the account. Please note that the debit card cannot access the investment account; however, you can move funds between the investment account and cash account online.

To view fees by product, click the links below:

Yes, click on LOGIN in the top right corner of this website.

If you have logged in since September 1:

  • Simply enter your username and password. Remember, your username, password and answers to secret questions are case sensitive. Your username can be up to 18 characters. Your password must be at least 8, but no more than 16 characters. For increased security, you MUST use letters, numbers and one of the following special characters in your password: ! # $ % & ? @

If you have not logged in since September 1:

  • You will need to set up your account. Enter your temporary username (your 9-digit Social Security number; no punctuation) and temporary password (your 8-digit birthdate; MMDDYYYY; no punctuation).
  • Then, begin Participant Registration. You must change your username and password, set up security questions and select your site key. After completing Participant Registration, the site will log you out automatically.
  • Then, log in with your new username and password and follow the steps provided to set up your account.

You may contribute online, via pre-tax payroll deduction or by mail.

  • To contribute online, log into your account and/or watch our “how to” video. After logging in, go to PROFILE > MY PROFILE > SCHEDULED EVENTS, click Add Contribution Event, enter your contribution details and banking information, check the box authorizing the transaction, then click Save. To save your banking information for next time, go to PROFILE > MY PROFILE > BANKING INFORMATION, click Add New Banking Profile, enter your information, then click Save Banking Profile.
  • To contribute via pre-tax payroll deduction, contact your employer. If your employer has a Section 125 Cafeteria Plan, they should be able to deduct your contributions from your paycheck on a pre-tax basis, which decreases your taxable income.
  • To contribute by mail, download and complete our Contribution Form, then mail your check made payable to FPS Trust to: FPS Trust on behalf of HealthSavings, P.O. Box 3079, Englewood, CO 80155.

Please allow up to 10 business days for accessing your first contribution. After we have verified your account and processed your first contribution, we will process your future contributions more quickly. (3-4 business days for ACH pulls and 2-3 business days for wires.)

To transfer funds from another HSA to your HealthSavings HSA:

  • Complete our Transfer/Rollover Request Form. After completing and returning the form, please allow 4–6 weeks for your transfer request to be completed.
  • When we receive your transferred funds, the money will be allocated according to your investment elections. If you have not set up your elections, the money will remain in your cash account until you decide to transfer funds to your investments. To set up or change your investment elections, see “How Do I Make Investment Changes?

You may withdraw funds online, via your debit card or by mail or fax.

  • To withdraw funds online, log into your account and/or watch our “how to” video. After logging in, go to SERVICES > WITHDRAWAL/REIMBURSE, enter the amount to withdraw and how you would like to receive the funds, then click Submit.
  • To withdraw funds via your debit card, simply visit any ATM. For your security, there’s a $500 daily limit on ATM withdrawals. Funds are deducted from your cash account. Please note that your debit card cannot access your investment account; however, you can move funds between your investment account and cash account online.
  • To withdraw funds by mail or fax, download, complete and submit our Withdrawal Form. Please allow up to two weeks processing your request.
  • If you have a cash account, an electronic statement will be posted to your online account each month. Simply log into your account, then go to OVERVIEW > STATEMENTS.
  • If you have an investment account, statements will be sent quarterly according your preferences (paper or electronic).
  • If you have both accounts, you will receive both electronic monthly statements and quarterly statements according your preferences (paper or electronic).
  • Form 1099-SA is mailed at the end of January.
  • Form 5498-SA is mailed at the end of May.

You may designate or change a beneficiary online or by mail or fax.

  • To designate or change your beneficiary online, log into your account and/or watch our “how to” video. After logging in, go to PROFILE > MY PROFILE > BENEFICIARIES, click Add Beneficiary, enter your beneficiary’s information, then click Save Beneficiary.
  • To designate or change your beneficiary by mail or fax, download and complete our Designation of Beneficiaries Form, then mail to HealthSavings, 10800 Midlothian Tpke, Ste 240, Richmond, VA 23235, or fax to (804) 726-1570.

You must download the Designation of Beneficiaries Form if you live in a common law or in a community property or marital property state and wish to designate someone other than your spouse as your primary beneficiary. See “Am I required to list my spouse as the beneficiary if I am married?” for more information.

We recommend naming both a primary and contingent beneficiary.

  • The primary beneficiary will receive 100% of your account balance upon your death.
  • The contingent beneficiary will receive the account balance if the primary beneficiary predeceases you.

You can name more than one person as your primary beneficiary and more than one person as your contingent beneficiary. If you name more than one person, indicate the specific whole-number percentage of your balance to be paid to each beneficiary.

You should review and update your beneficiary designations periodically, particularly when you experience a major life event, such as a birth, marriage, divorce or death in the family.

If you are married in a common law or in a community property or marital property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin as of July 1, 2015), you must designate your spouse as your primary beneficiary. If you wish to designate someone other than your spouse, your spouse must agree by signing in the spousal consent section of the Designation of Beneficiaries Form.

Otherwise, you may choose whomever you want to be the beneficiary of your HSA; however, only spousal beneficiaries are able to preserve the tax advantages upon a spouse’s death.

If designated as beneficiary of your HSA, your spouse will not be responsible for taxes on distributions for qualified medical expenses upon inheriting the account.

As beneficiary, your spouse becomes owner of your HSA, allowing him or her to:

  • Make tax-free distributions from the HSA for qualified medical expenses
  • Maintain tax-free growth of the funds in the account
  • Contribute to the account if he or she has an HSA-qualified high deductible health plan (HDHP)

If you fail to designate a beneficiary, or are married and name someone other than your spouse as beneficiary, the account ceases to be an HSA upon your death. As a result, the fair market value of the account becomes taxable in the year of your death for non-spousal beneficiaries.

NOTES:

  • Your spouse will not lose the ability to make tax-free withdrawals for qualified medical expenses if he or she does not qualify to contribute to the HSA.
  • Any qualified medical expenses you incur before your death may be reimbursed from the account before determining the fair market value of the account.
  • Please consult your tax advisor if you have questions about the potential tax consequences associated with your HSA beneficiary designation.