Health Savings Accounts (HSAs)

How Does a HSA Work?

You must have a qualifying high-deductible health plan (HDHP) to contribute to a Health Savings Account (HSA). (Learn more on our Frequently Asked Questions page.) Save money in your HSA, as you would with any other interest-bearing account, and use your HSA dollars, tax-free, to pay for healthcare expenses incurred by you, your spouse or dependents.

What you don’t spend continues to grow, year after year. After you reach age 65, you can choose to continue to use your HSA tax-free for healthcare expenses or use it for other purposes as taxable income.

Why Choose a Bell State Bank & Trust HSA?

There are many reasons to choose a Bell State Bank & Trust Health Savings Account to save for medical expenses:

  • FREE HSA debit card – to pay for qualified medical expenses.
  • FREE online transactions.
  • FREE online access – to monitor and manage your account.
  • No monthly fees with balances more than $2,000 – monthly service fee of $3.50 if account balance falls below $2,000.
  • Competitive interest rate and investment options.
  • Control – You can use the HSA to pay for any qualified medical expense, as defined by the IRS. You don’t need to have services preauthorized, unless explicitly stated by your plan.
  • Flexibility – Your “health care” dollars can pay not only for items identified by your health insurance plan, but also for items that fit a much broader definition as defined by the IRS — including dental, vision and orthodontia. These may be things you have been routinely paying for using post-tax dollars.
  • Tax savings – contributions, earned interest and withdrawals for healthcare expenses are tax free. Consult your tax advisor to learn more.
  • Growth – funds roll over from year to year, with no “use-it-or-lose-it” requirement.
  • Lower insurance premiums – the required HDHP means you pay lower insurance premiums annually.
  • Long-term savings – HSA dollars you don’t spend continue to grow and may be used without penalty for other purposes after you reach age 65.
  • Portability – even if you change jobs, your HSA stays with you.

How do I open an HSA?

First, make sure you are eligible to participate in an Health Savings Account. (To learn more, see our HSA Frequently Asked Questions.)

To enroll: You may access your HSA online or call 877-751-3399 to get started.

To help you get acquainted with the participant website, and to help ensure you get the most value from your Health Savings Account, we have provided HSA Participant Website Frequently Asked Questions.

Additional Resources about HSAs

For more information about Health Savings Accounts visit:

HSA IRS Requirements & Forms

  • IRS Publication 969 Provides information regarding HSAs.
  • IRS Publication 502 Lists eligible and ineligible expenses.
  • IRS Form 8889 Must be completed by the account holder and attached to IRS Form 1040 for tax purposes.
  • IRS Form 8889 Instructions Provides instructions to complete IRS Form 8889.
  • IRS Form 1099-SA Provides you with the total distributions made from your HSA in that tax year. Bell State Bank & Trust completes and mails this form to you. If you did not have any distribution during the tax year, you will not receive a 1099-SA.
  • IRS Form 5498-SA Provides you with the contributions that were made to your HSA in that tax year. Bell State Bank & Trust completes and mails this form to you. Contributions can be made up until April 15 for the prior year, so this form is not sent out until May for the previous tax year. If you did not have any contributions during the tax year or a year-end balance, you will not receive a 5498-SA.

To enroll: You may access your HSA online or call 877-751-3399 to get started.





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