No. A health saving account will not automatically be set up for you after you enroll in an HSA eligible health plan. You can check with your employer to see if they partner with HSA financial institutions, or you can research HSA providers online.
Most banks and credit unions offer health savings accounts. It is recommended that you ask your bank if they offer an HSA option that meets your needs. Additional places to consider include:
Things to think about when choosing an HSA
- Some HSAs have fees associated with them, like a charge for opening or closing the account and monthly maintenance fees.
- Banking option and services, like debit cards and online banking, may differ by HSA provider.
- How you’ll make your pre-tax dollar deposits into your HSA may also vary.
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