Simplify

FSA • HSA • HRA • COBRA • Transportation

A Health Savings Account can save thousands on healthcare by cutting income taxes, growing savings tax-free and lowering health insurance premiums.

Health Savings Account

Put our experience to work for you. Discovery’s extensive experience in the FSA and HRA market place translates to exceptional customer service and administration in the HSA and Consumer Directed Health Care arena.

HSAs are a great way to pay for medical care expenses on a pre-tax basis. HSAs are individually owned accounts that allow you to set aside pre-tax dollars to fund the account. Interest or dividends accumulate tax-free; and payment of qualified medical expenses has no additional tax consequences.

HSAs work hand-in-hand with high deductible health plans (HDHP). Individuals who make contributions to an HSA must be covered by an HDHP. The HDHP must satisfy minimum deductible amounts with certain out-of-pocket maximums. HSA account holders may not be covered by any other insurance plan that is not an HDHP or that covers benefits provided by the HDHP or below the deductible of the HDHP. There are exceptions for “permitted insurance” or “permitted coverage” products.

Our custodian is HealthcareBank. HealthcareBank’s investment management team provides investment expertise for Discovery’s HSA product. HealthcareBank carefully selects the mutual funds to provide account holders with a variety of options to meet a variety of investment needs. Choose from asset allocation funds, where the mix of investments is done for you, or select style specific funds and create your own investment mix.

We offer:

  • Online enrollment, no paper applications or signature required

  • Fully compliant with US Patriot Act requirements

  • HSA Debit Card for eligible medical expenses

  • Online account inquiry

  • Free direct deposit

  • Direct access to custodian site for investment options

  • Mutual fund options selected by experienced team of investment managers

  • Online individual mutual fund performance and reporting

  • Mutual fund prospectuses, ratings and more through web login

  • Online claim withdrawal

  • Daily processing of withdrawal requests

  • Coordination of HSA with limited FSA and limited HRA when offered within one plan and when all plans are administered by Discovery

  • Administration of HSA within cafeteria plan or as a standalone benefit

  • Live customer service representatives available to answer your questions from 7:30 a.m. to 7:30 p.m. CST Monday through Friday.