Search News Posts

HSA for Vanguard
Crew Members
To be eligible to open your health savings account (HSA), you must first choose the HSA compatible insurance plan at Vanguard. Additional information on HSAs, as well as other benefits, is available. Visit Vanguard’s CrewNet External.

HSA Enrollment

Get Started on Your Online Enrollment (Requires username and password from Vanguard)
Click here for a copy of the paper enrollment form.
Click here to view the list of the 22 Vanguard mutual funds offered.

An HSA is a tax-exempt custodial account established for the purpose of paying or reimbursing qualified medical expenses for an individual, family and/or spouse.


Who is eligible to open the HSA?
  • The Crew member must covered under a high deductible health plan (HDHP)
  • The Crew member cannot be covered under any other health plan that isn’t an HDHP
  • You cannot be enrolled in any part of Medicare or Tricare
  • Neither you nor your spouse can have a medical flexible spending account (FSA); a limited FSA and childcare FSA are allowed
  • You cannot be claimed as a dependent on another person’s federal income tax return
  • You cannot have received health benefits from the Veterans Administration in the past 90 days for a non-service connected disability. If you have, there is a 90-day black-out period for contributions to the HSA.
  • NOTE: your spouse’s insurance coverage has no impact on your eligibility unless you are covered by a spouse’s health insurance and it is NOT a qualified HDHP

What are my investment options?

You can choose either or both of the following options:

Mutual Funds:

Choose from the 22 Vanguard® funds offered

Debit Card:

FDIC insured/APY varies on account balance

No monthly low-balance fee/optional checks available

Note:  Debit card cannot access Vanguard funds

Securities offered through The Vanguard Group, Member NASD SIPC. Security products: Not insured by FDIC or any federal government agency; may lose value; not a deposit of or guaranteed by the bank or any bank affiliate.


What are the federal tax benefits?
  • Contributions can be done pre-tax though payroll withholding
  • Contributions are fully deductible, even if you don’t itemize
  • Earnings grow tax deferred
  • Distributions (or withdrawals) from your HSA are tax free as long as they are for eligible medical expenses for you, your spouse or your tax dependents

There are tax penalties for withdrawals that are not offset by eligible medical expenses. Please consult your tax or legal advisor!


What are the benefits of establishing my HSA with HealthSavings?

If you establish your HSA account with HealthSavings, Vanguard will:

  • Make an annual employer contribution to your HSA
  • Reward you with additional HSA contributions for your involvement in the Health Smart Rewards wellness program
  • Forward your HSA payroll contributions to HealthSavings Administrators
  • Pay the annual administrative fee if you remain an active crew member enrolled in the High-Deductible Health Plan

How much can be contributed to my HSA?

Use our contribution calculator to determine the amount you are allowed to contribute to your HSA account. Please note that contributions made by Vanguard are included in your annual contribution maximum.


Who can contribute?
  • Crew members
  • Family members
  • Your employer
  • Any other person including a “non-individual”

Can I contribute to an HSA outside of payroll deductions?

Yes. You may contribute to an HSA outside of payroll deductions by submitting a personal check or online contribution to HealthSavings.  Please sure to monitor contributions for the year to ensure you do not exceed your annual maximum contribution limit.


When is the deadline for contributions?
  • Federal income tax return due date which is April 15th of each year

How is the activity reported?
  • The custodian will report all withdrawals on Form 1099-SA. All contributions will be reported  on Form 5498-SA. Both forms are sent to the IRS and to the taxpayer.
  • Individual must report contributions and distributions on Form 8889.
  • The custodian is not responsible for monitoring limits or distributions.

HSA owner’s responsibility
  • Determine eligibility
  • Determine if contributions/distributions are qualified
  • Seek tax and/or legal assistance
  • Seek investment advice

Upon individual’s death
  • If the spouse is the beneficiary, account becomes his/hers and can still be used tax free for eligible medical expenses
  • If the spouse is not the beneficiary, the HSA becomes part of estate. (Fair market value is calculated on date of death.)