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When you set up your investment account, you’ll choose how you want the funds to be allocated among the available mutual funds. Once your account is established, you can change your investment elections, transfer funds and rebalance your account.
What’s a high-deductible health plan? The IRS defines a qualifying high-deductible health plan as having: 2019: A minimum annual deductible of $1,350 individual/$2,700 family An out-of-pocket maximum of $6,750 individual/$13,500 family 2018: A minimum annual deductible of $1,350 individual/$2,700 family An out-of-pocket maximum of $6,650 individual/$13,300 family
Source: Open an HSA
What is an HSA? An HSA is designed to work with a qualifying high-deductible health plan (HDHP). The money goes in tax-free, grows income tax-free and comes out income tax-free when you use it for qualified medical expenses. You can carry over unused funds from year to year and the account is yours to keep even if you change jobs, change health plans or retire.
Source: Health Savings Accounts (HSA)
Wells Fargo no longer offers Health Savings Accounts (HSAs). We have sold our HSA business to Optum Bank®, Inc., an industry leader and one of the largest providers of HSAs in the United States. To learn more about the products and services that Optum offers, visit optumbank.com or
The member (or their employer) contributes money to an HSA through pre-tax or post-tax contributions. The money contributed to the account is not subject to federal income tax at the time of deposit. Funds in an HSA roll over to accumulate year after year if not spent and all money in the HSA is owned by the member.This consumer-directed approach to health care is available only in conjunction with an HSA-compatible high-deductible health plan.
Various companies offer a variety of HSA options that can be used with your Blue Shield HDHP 2. While Blue Shield does not provide tax advice or HSAs, we have a relationship with Wells Fargo, a company which offers these accounts.