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 an HSA. You must have a health plan that meets certain rules. For an individual in 2010, the plan must have a deductible of at least $1,200 with a maximum out of pocket no more than $5,950. A family deductible must be at least $2,400 with a maximum out of pocket expense of $11,900.

How does my Freedom HSA work?

* Deposits - you choose between automatic bank deposits or submitting a check to your account. In 2010 the maximum contribution is $3,050 for individuals and $6,150 for families.

Persons age 55 may make an additional "catch-up" contribution of $1,000 in 2009. 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.