• Earn interest on all account balances
• Checks and an Umpqua Bank Debit Card for easy access to your funds
• Free online banking
• FDIC insurance
• No annual fee (the $20 set-up fee still applies, unless you have a Benefit Banking account)
• No monthly fee when you maintain the account minimum balance *

Anyone enrolled in a qualified high deductible health plan (HDHP) can open an HSA. (Please note, if you are enrolled in Medicare, you cannot open an HSA. If you have an HSA and later enroll in Medicare, you can use the funds, but can no longer make contributions.) For 2008, an HDHP is generally defined as any health insurance plan that has a minimum deductible of $1,100 and maximum annual out-of-pocket amount of $5,600 for individual coverage or a minimum deductible of $2,200 and maximum annual out-of-pocket amount of $11,200 for family coverage. The best way to determine if your health plan qualifies is to ask your insurance provider.

After opening an account, you and your employer can both make contributions to the HSA. Contributions can also be made on behalf of an individual, such as a family member, as long as the individual meets the HSA qualifications. When a qualified medical payment is due, you can pay for it with the accumulated funds in your HSA account. Use your HSA Visa® debit card or write a check from your account. You can choose to not use your HSA account for qualified medical expenses and watch the balance grow for future needs.

Stop by any Umpqua neighborhood store to open your HSA. Or give us a call at 1-866-486-7782. We’ll open your account, order your first checks, order your VISA® debit card and mail you your new account number and a signature card for you to sign and return to us with a statement of your beneficiaries. At the end of each month, we’ll send you an account statement. If your employer is making contributions on your behalf, be sure to give your account number to the payroll department.

For 2008, the amount is $2,900 for individuals and $5,800 for family coverage. If you are over 55, you can make additional catch-up contributions. Every year, these dollar amounts change as the IRS adjusts the limits for inflation.

We offer unrestricted access to your account. That means you can utilize your HSA Visa® debit card, withdraw funds in person at an Umpqua store or write checks from your account. (Because your HSA Visa® debit card cannot be used at ATMs, there is no PIN to remember. To use your card at a point of sale terminal, press CREDIT to let the merchant know you will be signing for the transaction instead of using a PIN.)

You can make signature-based, but not PIN-based, transactions on your HSA Visa® debit card, wherever Visa® debit cards are accepted. However, to avoid tax penalties and bank fees, you should use the funds in your HSA account for qualified medical expenses only. Your HSA debit card cannot be used at an ATM.

No. You can open your account with any financial institution that is an HSA provider. If your insurance provider is partnering with a financial institution to provide an integrated package, you may want to consider the benefits of the partnership. Take a look at the account. Consider how it is used to pay your healthcare expenses and how those expenses are applied to your health plan deductible. You should also take into account the quality and level of service you’ll receive from the HSA provider. (Don’t forget that an employer making contributions to your HSA cannot deny contributions if you choose a financial institution other than the one recommended by your employer or the employer’s insurance provider.)

Yes. If you do have more than one, the maximum fund limit is based on your specific situation. It is not based on how many HSAs you have. Your HSA is an individual account – that means no one can be a co-signer. You can grant a Power of Attorney to allow someone else to sign on your account. You can open a separate HSA for a spouse that is covered under the HDHP, but the annual maximum contribution limit still applies to the total number of HSAs for individuals covered under the HDHP.

If you are eligible for Medicare and enrolled in Medicare, you are no longer eligible to contribute to your HSA or to open a new HSA account. However, you can continue to use funds. You can even use HSA funds for non-medical expenses without the 10% additional tax if you are eligible for Medicare. If you enroll in Social Security you will be automatically enrolled in Medicare Part A, which will disqualify you from contributing to an HSA.