Welcome to mySHPS

What is a Health Savings Account
A Health Savings Account (HSA) is an individually-owned, tax-free account that is used to pay for routine medical expenses either now or in the future. In order to setup an HSA, an individual must participate in a high deductible health plan (HDHP) as determined by the Internal Revenue Service (IRS). A health plan with a minimum $1100 deductible for single coverage or a minimum $2200 deductible for family coverage is considered a HDHP.

What are the advantages of an HSA?

Because the HSA is associated with a HDHP, you typically pay lower insurance premiums. As the name suggests, however, a high deductible will require you to pay more out of pocket expenses until you meet the plan's deductible.
You contribute money to your HSA on a pre-tax basis, meaning you pay less tax on your net pay.
Spending your funds is simple! You�ll receive a SHPS HSA Visa debit card to pay for qualified medical expenses anywhere Visa debit cards are accepted. When you use your SHPS HSA Card to pay for services, you�ll work with JP Morgan Chase, an institution that has nearly 11 million retail banking customers and more than 87 million credit cards issued.
Funds for eligible health care services: Pay for expenses that apply toward your deductible, and pay for qualified medical expenses that your health plan may not cover.
Unspent HSA funds can be invested tax free. Both interest and investment earnings from the HSA are not taxed. This means that you can grow funds for future healthcare expenses.
Once you reach age 65, you can use HSA funds for anything and not have to pay a penalty. However, if you use your HSA funds to pay for a non-medical expense, you will pay taxes.

The SHPS HSA
The SHPS HSA combines the participant services and spending account expertise of SHPS, the power of Visa, and the banking expertise of JPMorgan Chase.

Once you open an account, your HSA deposits will earn interest in a FDIC-insured savings account at Chase. Once you have accumulated sufficient funds in this account, you'll be able to open up an investment account that will meet your needs regardless of your investment risk profile.

Rollovers
If you already have an HSA with another bank, once you open the SHPS HSA, you have the option of transferring your balance through a "rollover." However, you cannot rollover balances from a flexible spending account, a health reimbursement arrangement, individual retirement account or 401(k).

Who is eligible for an HSA?
To be eligible for a HSA, you must first have health coverage under a qualified high-deductible health plan (HDHP). For 2007, an HDHP is defined as:

For single coverage - a qualifying HDHP must have a minimum deductible of $1,100 and does not exceed a maximum of $5,500 in out-of-pocket expenses per year.
For family coverage - a qualifying HDHP must have a minimum deductible of $2,200 and does not exceed a maximum of $11,000 in out-of-pocket expenses per year.

Additionally, you cannot be covered by another health plan, unless that plan is another HDHP or one that provides specific coverage such as dental or vision. Also, you must not be enrolled in Medicare benefits, or be claimed as a dependent on another person's tax return.

The HSA Cash and Investment Accounts
Upon opening your HSA, all funds are held in what is known as an HSA cash account. It is from the cash account that you can spend your HSA funds.

Once you have accumulated a minimum balance of $2,000 in your cash account, you can open an HSA investment account. The HSA investment account allows you the ability to invest for the future, complementing the interest-earning HSA cash account.