How does an HSA work?

Enroll in your employer's HDHP/HSA program

You must have coverage under an HSA-compatible High Deductible Health Plan to be eligible to open a Health Savings Account. Once you are enrolled in your employer's HDHP, you can enroll in the Charter One HSA online and register to access your account online. You will need the Employer/Enrollment ID provided by your Employee Benefits Administrator and your Employee ID (your SSN).

Fund your Charter One HSA to the limit

HSAs can be funded by you, your family members, or anyone. The total contributions from all sources cannot exceed the annual limits set by the IRS. To fund your HSA by pre-tax payroll contribution, ask your Employee Benefits Administrator for the required form.

Use your HSA for qualified medical expenses

With an HDHP/HSA, you are responsible for paying most day-to-day medical expenses until the HDHP deductible is reached. The deductible is the amount you pay before most of the insurance benefits begin to apply. The money in your Charter One HSA can be used tax-free for any IRS-qualified medical expenses.

Your Charter One HSA is always yours!

You own and control your Charter One HSA. Any money deposited into your account, including any that may have been contributed by your employer, is 100% immediately vested. The Charter One HSA component of your HDHP/HSA is portable and goes with you if you leave your company.