A Health Savings Account (HSA) gives you more control over your healthcare expenses. Health Savings Accounts are combined with an HSA-compatible high deductible health plan to offer a more affordable approach to healthcare. The health plans typically provide lower premiums and the HSA provides tax benefits when contributions are made, as funds grow and when used to pay for qualified medical expenses. Lower insurance premiums combined with using tax-free money can lead to significant savings.
Frequently Asked Questions
I am currently a SouthPoint member. Do I need to open another account? This will depend on who is the primary owner on the account. For example, if your spouse is the primary member but you are opening the HSA, you will need to open a new membership on which you are primary.
Do I need to have an account with SouthPoint? You will need to open a Membership Savings account in order to open and HSA with SouthPoint if you don’t have one already
How can I pay my bills using my HSA?
- You can ask to receive an HSA Debit Card or checks for your HSA.
- HSA bills can also be paid using Online Banking Bill pay.
- You can use your regular SouthPoint checking account to pay your bills and transfer funds from your HSA into your SouthPoint checking account to cover the transaction.
How will money get transferred to my HSA?
- Work with your HR department for payroll deduction
- Visit a SouthPoint branch near you
- Call us at 877-794-6712
Can I stop the automatic transfer? Yes, you may stop the deduction by contacting your HR department.
Can I increase the amount to transfer each pay period? Yes, you may increase the amount that is transferred, but keep in mind that there are annual contribution limits that are dependent on whether your health insurance is single or family coverage. You may not contribute more than the limit.
Are there any fees for having an HSA with SouthPoint? No, however if you would like more than the 50 free checks that are included, those would be at your expense.
What if I want to open a membership and HSA with SouthPoint at a later date? You may apply for a new membership and HSA online at any time. Visit www.southpointfinancial.com and complete the application. A SouthPoint Member Advisor will reach out to you to complete the process.
If my spouse and children are currently covered by a family HDHP plan with an HSA, and I have a single HDHP plan with an HSA, can we contribute both the family limit and the single limit? No, you may only contribute up to the family limit in this case. The contribution limits are determined by the IRS, and the IRS views married couples as one tax unit. The HSA for the family plan is intended for both spouses because it can be used to pay your medical expenses even though you aren’t covered by that insurance plan.
If my spouse has single HDHP coverage and I am also electing single HDHP coverage, how much can we each contribute to our HSAs? You each may contribute up to the single coverage limit for the year.
If you have any additional questions, please feel free to contact any SouthPoint representative.