Providence Individual & Family Plans Health Savings Account

The Providence HSA-Qualified plan provides comprehensive health care coverage and is eligible to be used with an HSA. HSAs are special tax-deductible accounts that work with HSA-qualified health plans. Much like an Individual Retirement Account (IRA), an HSA is established through annual contributions by you. In the case of the HSA you can contribute up to 100 percent of your plan's deductible amount - or up to the maximum contribution levels determined by the Internal Revenue Service each year. The primary purpose for opening an HSA is to save funds for future medical expenses. The second reason is to save funds for retirement in addition to other retirement vehicles.

Health savings accounts are managed by HSA trustees, usually a bank or other financial institution. You choose the bank that will administer your health savings accounts. For health savings account information, including investment options and the availability of an HSA debit card, you should consult the bank administering your HSA.

For your convenience, we have partnered with U.S. Bank, an FDIC-insured financial institution. U. S. Bank will establish and administer your Health Savings Account. U.S. Bank will provide:

• Monthly statements, either paper or online, showing your account activity.
• Online and toll-free access to account information.
• Mutual fund investment options for a portion of your HSA funds
• An HSA debit card and checks for quick, easy payment of qualified medical expenses (QME). Please see www.irs.gov for a list of QMEs.

For additional information about HSA's you can read this question and answer document from U.S. Bank. For additional questions about U. S. Bank and HSA's, you can contact U. S. Bank at 1-877-HSA-6789.

• HSA Q&A (PDF 53kb)
  To set up an account through our preferred banking arrangement with U.S. Bank, first view their account pricing information document, then download the enrollment kit document. Review, complete and sign the application included in the enrollment kit and send it to U. S. Bank.
• US Bank HSA Enrollment Kit (PDF 6.7MB)
• US Bank HSA Fee Schedule (PDF 144kb)