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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 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.

Yes, click on LOGIN, then 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: ! # $ % & ? @

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

  • To contribute online, log into your account, then click the “Schedule Contribution” icon. Next, fill in your contribution details and banking information, then click “Submit.” To save your banking information for next time, go to “My Profile” and click “Bank Information.” Then, click “Add a bank account,” enter your information, then click “Save.”
  • 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.

Your first contribution is subject to a 5-7 business day hold and may not be available for immediate withdrawal.

To transfer funds from another HSA to HSA xChange:

  • Complete our Transfer 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 or via your debit card.

  • To withdraw funds online, log into your account and click “Withdrawal” on the top navigation (or click the “Withdraw Funds” icon). Enter the amount to withdraw and how you would like to receive the funds, then check “I agree to the terms and conditions” and 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.
  • If you have a cash account, an electronic statement will be posted to your online account each month. Simply log into your account, click “Statements & Documents” on the top navigation, then click “Statements” under “Document Type.”
  • 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. Log into your account and click “My Profile,” then click “Beneficiaries” under “My Profile Settings.” From there, click “Add A Beneficiary,” enter your beneficiary’s information, and click “Save.”

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 community property or marital property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin), you must designate your spouse as your primary beneficiary. If you wish to designate someone other than your spouse, contact us at or (888) 354-0697.

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.


  • 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.

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.
To get a debit card for yourself, call us at (888) 354-0697 and we’ll get one out to you immediately. To get debit card(s) for your authorized signer(s), log in to your account, click on “My Profile,” then click “Authorized Signers” under “My Profile Settings.” Click “Edit” for the authorized signer you’d like to have a debit card, check “Yes, I would like a card for my authorized signer,” then click “Save.” Debit cards for the account holder and first authorized signer are free, but 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 at least 48 hours before you plan to pay your bill. 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, contact us for a 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.
No. You can invest in as many funds as you would like.
You may make investment changes online.

  • If you’d like to change how your contributions are allocated (change your elections) online, log into your account and click “Investments” on the navigation bar, then click the “Change Elections” icon in the “Investment Actions” box. From there, click “Add Elections” and add your desired funds, then enter what percent of future contributions should be allocated to each fund (the total contribution percentage must be 100%). 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.
  • If you’d like to transfer existing money from one mutual fund to other fund(s), log into your account and click the “Manage Investments” icon. Next, choose whether you’d like to transfer funds by percent, dollar, or shares. Finally, enter the amount of money you’d like to transfer out of a particular fund(s) in the “Transfer Out” box beside that fund(s) and enter the amount of money you want to transfer to a particular fund(s) in the “Transfer To” box beside that fund(s).

General Questions

Simply put, a health savings account (HSA) is a tax-exempt account established for the purpose of paying or reimbursing qualified medical expenses for an individual, spouse or family. To be eligible to open an HSA, you must first choose a HSA-qualified high deductible health plan (HDHP). An HSA provides triple tax savings. Funds are deposited on a pre-tax or tax-deductible basis, earnings grow tax free and withdrawals for qualified medical expenses are tax free. HSA funds roll over from year-to-year, and you may use or keep your funds depending on your financial needs. In short, an HSA is like a 401(k) or IRA for your medical expenses, only better because withdrawals for qualified expenses are tax free.
A high deductible health plan (HDHP) is a health plan that typically has a higher deductible than other health plans, and the individual is responsible for paying medical expenses until their deductible is met. Yearly exams and preventative care are covered 100% through an HDHP, so the individual generally pays for treatment, prescriptions, etc. outside of annual prevention. To determine if you have an HSA-qualified HDHP, contact your health insurance provider.
  • Contributions can be made through pre-tax payroll withholding, or they can be made after-tax and deducted on your tax return, even if you don’t itemize
  • Account earnings grow tax free
  • Withdrawals for eligible medical expenses are tax free for you, your spouse or your tax dependents
Federal regulations require you to meet these eligibility requirements in order to open and contribute to an HSA. You must be:

  • Covered under a qualified high deductible health plan (HDHP) on the first day of the month

You must not be:

  • Covered by any other health plan, including your spouse’s health insurance
  • Covered by your own or spouse’s medical flexible spending account (FSA)
  • Enrolled in any part of Medicare or Tricare
  • Receiving Veteran’s health benefits now or in the past 90 days for a non-service connected disability
  • Claimed as a dependent on another person’s tax return
Yes. In addition to paying your own expenses, you may use your HSA to pay your spouse’s and/or child(ren)’s qualified expenses, regardless of their insurance coverage. For additional information regarding domestic partnerships, divorce, etc., see IRS publication 969.
You are responsible for determining whether you are eligible for an HSA, whether your contributions/withdrawals are qualified and for seeking tax, legal and/or investment advice as needed.
  • You
  • Your family members
  • Your employer
  • Any other person including a “non-individual”
Yes. You may contribute to your HSA outside of payroll deductions by contributing online. (See “How do I contribute?”) Be sure to monitor your contributions to ensure that you do not exceed IRS annual contribution limits.
The deadline for contributions is the federal income tax deadline, generally on April 15 each year.
Yes, but funds used for non-qualified medical expenses must be reported on your annual income taxes and are subject to income tax and a 20% penalty. The 20% penalty doesn’t apply to withdrawals made after you’ve reached age 65 or after your disability or death.
There is no deadline for submitting claims for reimbursement from an HSA. In the event of an IRS audit, you will be required to produce receipts for any medical expenses for the amounts that have been reimbursed from your HSA.
Our custodial bank reports withdrawals on Form 1099-SA and contributions on Form 5498-SA. These forms are mailed to the account holder and the IRS. As the account holder, you are responsible for reporting contributions and withdrawals on Form 8889 when you file your annual income taxes. We are not responsible for monitoring your contribution limits or withdrawals.
Once you’ve enrolled in Medicare, you are no longer eligible to make contributions to your HSA. You will need to adjust your annual HSA contribution limit (and catch-up amount) based on the number of months you were eligible to contribute that year. For example, if you enroll in Medicare as of July 1, your annual contribution limit will be reduced by half, because you were only eligible to make HSA contributions for six months (January 1 – June 30). After Medicare enrollment, in addition to the normal medical expenses, you can also use your HSA funds to pay for Medicare and IRS approved health insurance premiums. Premiums for Medicare Parts A, B and D, Medicare HMO and any employer-sponsored health insurance are considered eligible medical expenses that can be paid with your existing HSA funds.
Medicare enrollment is what disqualifies you from being eligible to contribute to your HSA. Eligibility alone doesn’t impact you being able to contribute to your HSA. *Please note that you cannot opt out of Medicare Part A without opting out of all Social Security benefits.
  • If your spouse is your beneficiary, the HSA becomes his/hers and can still be used tax free for eligible medical expenses.
  • If your spouse is not your beneficiary, the HSA becomes part of your estate, and fair market value is calculated on your date of death.