1. Apply for a “high deductible” health plan (HDHP). In order to open and make tax-deductible contributions to a Health Savings Account (HSA) you must first obtain the qualifying “high deductible” health plan.
2. Current 2007 IRS deductibles that qualify as HSA compatible are as follows:
a. Individuals: $1,100 to $5,500 with an out-of-pocket, in-network maximum of $5,500.
b. Family: $2,200 to $11,000 with an out-of-pocket, in-network maximum of $11,000.
3. Insurance companies providing this type of plan vary from state to state. If you need assistance locating a company or need a local agent to assist you, please call our customer service department at (888) 769-8696 for help.
4. If you need help determining the eligibility of your insurance plan, call our customer service department.
5. Complete the First HSA Health Savings Account application. The application is available on-line, or can be mailed at your request.
6. Return application and contribution to First HSA, 1044 MacArthur Road, Reading, PA 19605.
7. The application will be processed and a “Welcome Packet” will be mailed to you. The packet will contain convenience checks, disclosures and account information.
8. If you have questions concerning your account, do not hesitate to contact our main office at (888) 769-8696.
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