Setting up your HSA
Setting up an HSA is very similar to setting up a checking account. Priority Health doesn't have access to or information about your HSA, because it's an account you own at your bank. It isn't affected if you change jobs.
Like a checking account, your HSA is "portable," meaning you can move the money from one bank to another if you need to.
When employers choose the HSA bank
If your employer decides to contribute to employee health savings accounts, the employer will usually choose which bank they want to work with. Priority Health has a list of "preferred" banks. Fifth Third Bank doesn't charge set-up and maintenance fees to employers who offer Priority Health HSA-compatible health plans.
View a list of banks and the services they provide for managing HSAs.
What banks typically provide:
- Administration of your account (automatic deposits, tracking, investment options)
- A checkbook and/or debit card to use to pay expenses from your HSA
- Educational materials and customer service support when you have questions about using your HSA
- HSA tax reporting
- Account statements showing your HSA deposits, withdrawals, and account balance
