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Frequently Asked Questions: Health Savings Accounts
Please review the list below for your question. If you have additional questions please call HSA Customer Service at 847.407.2603 or email hsa@americanchartered.com.
What are the account funding maximums for the tax year 2008?
Why did I receive checks after I opened my account when I didn't order them?
How do I make a deposit to my HSA account?
How do I get reimbursements from my HSA account?
Since HSA accounts are tax advantaged, what are my record keeping and tax reporting responsibilities?
What type of tax reporting does the Bank provide?
Why is Form 5498SA mailed at the end of April?
How does the HSA Investment Account work?
If I have an existing HSA account, how can I get access to the HSA Investment Account option?
What are the fees associated with the HSA Investment Account?
Does American Chartered Bank have a toll free number I can call to ask questions about my HSA account?
I can't find the question or answer I am looking for here. Who can I call?
What are the account funding maximums for the tax year 2008?
For 2008 the contribution limits are $2900 for those that are individually insured and $5800 for participants with family coverage. The catch-up contribution allowed for eligible participants age 55 and older is $900 for 2008.
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I didn't order checks when I opened my HSA account so why did I receive some?
All American Chartered Bank account holders receive a free check starter kit when a new checking account is opened at the Bank. Often, an employer will require a voided check to setup a payroll based direct deposit. You may use these checks for that purpose.
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How do I make a deposit to my HSA account?
There are multiple ways to deposit funds in your HSA account:
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Payroll Direct Deposit - Set up regular electronic deposits through your employer's payroll department. NOTE: Don't forget to stay within the annual contribution limit.
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In person at any one of our convenient Chicago area locations.
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How do I get reimbursements from my HSA account?
Reimbursements from your HSA account to pay for medical expenses can be done in a variety of ways:
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When medical expenses are incurred, use your American Chartered Bank HSA debit card to pay for services.
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For debit card users, you have the ability to withdraw cash from ATMs in your community. American Chartered Bank is a member of the Star sf Network, which has partnered with the Allpoint network to include over 32,000 ATMs nationwide. Using this network will allow customers to avoid ATM surcharges. Click here to find the ATM closest to you.
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Purchase checks to reimburse providers or yourself for qualified medical expenses incurred.
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Since HSA accounts are tax advantaged, what are my record keeping and tax reporting responsibilities?
As an HSA account holders, you must file IRS form 8889 with your tax return. Form 8889 tracks transaction activity on the HSA and determines the amount of eligible tax deduction for the account during the previous tax year. You are also responsible for keeping a paper trail of all transaction activity that occurs in the account during the tax year. Those items can include but may not be limited to Explanation of Benefits, doctor bills and transaction receipts. NOTE: American Chartered Bank is not a tax advisor. Please speak with your tax consultant regarding your reporting responsibilities for your HSA.
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What type of tax reporting does the Bank provide?
American Chartered Bank is required to provide annual contribution and distribution reporting to you and the IRS.
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Distributions are reported using Form 1099SA. This form shows aggregate distributions from the HSA during the previous tax year. Form 1099SA will be mailed to you at the end of January.
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Contributions are reported on Form 5498SA. This form shows aggregate contributions for the previous calendar year plus contributions made in the current year, up to the tax filing deadline, for the previous year. Form 5498SA will be mailed to you at the end of April.
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Why is Form 5498SA mailed at the end of April?
Because HSA account holders can make previous year tax deductible contributions to an HSA up to the tax-filing deadline (April 15), the IRS requires HSA custodians to create Form 5498SAs and report contributions after April 15. Forms 1099SA and 5498SA are not included with your tax returns.
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How does the HSA Investment Account work?
American Chartered Bank offers the Mutual Fund Investment Program through a strategic business partner. The program is self-directed, meaning you are responsible for the investment decisions made on the account. All transactions are done through a specially designed Internet portal that is designed to make the transfer of funds convenient for you.
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If I have an existing HSA account, how can I get access to the HSA Investment Account option?
Please review the document Switch to an HSA Investment Account, sign the form and forward it to American Chartered Bank. You will be sent an email confirmation package that will provide guidance about the program. Included with the package, you will receive an Access ID and Password Information.
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What are the fees associated with the HSA Investment Account?
The investment account has a $1000 threshold. Clients that maintain a $1000 balance in their HSA Checking account pay a fee of $2 per month to utilize the investment account platform. If the account balance falls below $1000, a fee of $3.50 per month will be assessed.
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Does American Chartered Bank have a toll free number I can call to ask questions about my HSA account?
American Chartered Bank does not have a toll-free number. We encourage clients with questions to call us during our business hours at 847.407.2603.
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I can't find the question or answer I am looking for here. Who can I call?
For additional information, please call HSA customer support during our business hours at 847.407.2603.
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