Still have questions?
No Problem. Give us a call at 1-866-4UMPQUA or drop us an email.
- Open your Health Savings Account with a minimum opening balance of just $10
- Earn interest on all account balances
- Checks and an Umpqua Bank Debit Card for easy access to your funds
- Online banking
- FDIC insurance
- No annual fee (the $20 set-up fee still applies)
- No monthly fee when you maintain the account minimum balance *
Who can open an Umpqua HSA account?
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.) An HDHP is generally defined as any health insurance plan that has a minimum deductible of $1,300 and maximum annual out-of-pocket amount of $6,550 for individual coverage or a minimum deductible of $2,600 and maximum annual out-of-pocket amount of $13,100 for family coverage. The best way to determine if your health plan qualifies is to ask your insurance provider.
How does the account work?
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.
How to apply and what happens next?
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, a signature card and HSA application 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.
What are the annual maximum contribution limits?
For 2016, the amount is $3,350 for individuals and $6,750 for family coverage. For 2017, the amount is $3,400 for individuals and $6,750 for family coverage. If you are over 55 and eligible for a HDHP, you can contribute an additional $1,000 each tax year. Every year, these dollar amounts change as the IRS adjusts the limits for inflation. All online transactions are considered current year contributions.
How do I access my account funds?
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.)
Can I use my HSA Visa® debit card at locations other than healthcare facilities?
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.
If my insurance provider has preferred financial institution, do I have to use that institution for my HSA?
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.)
Can I have more than one HSA?
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.
What happens when I retire?
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 20% additional tax if you are eligible for Medicare.
* Avoid the $3 monthly fee by maintaining your HSA account balance at $2,500 daily minimum.