Health Savings Accounts-Part I

PART I-What is a Health Savings Account?
HSA account funds MUST not be co-mingled with regular checking or savings funds. THIS IS A SEPARATE TRUST ACCOUNT.
A Health Savings Account is tax-exempt trust or custodial account you can set up with a qualified HSA trustee. The account is designed to pay or reimburse certain medical expenses you may incur. A qualified HSA trustee can be a bank/financial institution or an insurance company or anyone already approved by the IRS to be a trustee.
A Health Savings Account is an individual (not joint) checking or savings account that allows you to pay for current health expense and save for future qualified medical and retiree health expenses on a tax-advantaged basis. Your funds aren’t taxed when you withdraw or pay for qualified medical expenses using your HSA account. Qualified medical expenses are listed in IRS Publication 502. https://www.irs.gov/pub/irs-pdf/p502.pdf General information regarding Health Savings Accounts are contained in IRS Publication 969. https://www.irs.gov/pub/irs-pdf/p969.pdf
Is your account truly a Health Savings Account? If so, you will receive an IRS form 1099-SA each year from the banking or financial institution account trustee to be included with your annual tax return documents. If you did not receive this form, your account may not be a TRUE HSA account. Please contact your HSA banking or financial Institution or Human Resources office, or consult with your tax advisor if you have any questions regarding HSA Account.