A Health Savings Account (HSA) is a tax-advantaged checking account that gives you the ability to save for future medical expenses or pay current ones. It is individually owned; however, you can elect to designate an authorized signer who may also withdraw funds and be issued a debit card.
To be eligible for a Health Savings Account, an individual must be covered by a High Deductible Health Plan (HDHP), must not be covered by other non-HDHP health insurance (does not apply to specific injury insurance and accident, disability, dental care, vision care or long-term care), must not be enrolled in Medicare and can’t be claimed as a dependent on someone else’s tax return.
A High Deductible Health Plan is a type of health insurance plan. To be considered an HDHP, a plan must meet certain IRS guidelines for minimum deductibles and maximum out of pocket expenses.
To be eligible for a Health Savings Account, an individual must be covered by an HDHP. An HSA-qualified HDHP can have first dollar coverage (no deductible) for preventative care and higher out-of-pocket (co-pays and coinsurance) for non-network services.
Visit our HSA Guidelines page for more details about IRS limits on deductibles and out-of pocket maximums. These limits typically change each year.
A Health Savings Account offers many advantages, including:
Portability. You can take 100% of the deposited funds with you when you retire or change employers. You are the account owner.
Flexibility. You can choose whether to spend the money on current medical expenses, or you can save your money for future use. Unused funds remain in the account from year to year and there is no “use it or lose it” provision.
Tax Savings. Contributions are tax free (pre-tax through payroll deductions or tax deductible). Earnings are tax free. Funds withdrawn for eligible medical expenses are tax free.
Premium Savings. An HSA-qualified insurance plan tends to be less expensive than a traditional insurance plan.
As long as you are covered by a High Deductible Health Plan (HDHP), you can open an HSA wherever you choose. View our HSA Education & Enrollment packet for more information.
Yes. Unused funds remain in the account from year to year and there is no “use it or lose it” provision. If you do not have to use your HSA funds for current
medical expenses, you can save it for future
use.
Once you’ve saved $1,000 in your HSA, you can also establish an investment account using your HSA contributions, with a variety of mutual funds to choose from. Visit our Investment Services page to learn more about this option.
With Old National Bank as trustee, HSA account holders at Old National have complete control over their funds. Other trustees may impose limits on accessibility.
Only you can determine if a Health Savings Account with a High Deductible Health Plan is right for you. However, an HSA does offer many advantages, including:
Portability. You can take 100% of the deposited funds with you when you retire or change employers. You are the account owner.
Flexibility. You can choose whether to spend the money on current medical expenses, or you can save your money for future use. Unused funds remain in the account from year to year and there is no “use it or lose it” provision.
Tax Savings. Contributions are tax free (pre-tax through payroll deductions or tax deductible). Earnings are tax free. Funds withdrawn for eligible medical expenses are tax free.
Premium Savings. An HSA-qualified insurance plan tends to be less expensive than a traditional insurance plan.
You can make current year deposits to your HSA at our banking centers, by mail, through our Mobile Banking App, or with a transfer in Online Banking. For reference, our routing number is 086300012.
Deposits intended for the prior year cannot be made through Online Banking or the Mobile Banking App. Prior year deposits must be made at a banking center or by mail.
Our mailing address is:
The HSA Authority
ATTN: Processing Center
PO Box 3606
Evansville, IN 47735
Yes. Once you’ve saved $1,000 in your HSA, you can also establish an investment account using your HSA contributions, with a variety of mutual funds to choose from. Visit our Investment Services page to learn more about this option.
Since there is no “use it or lose it” provision, unused funds in an HSA remain in the account from year to year. So an HSA can be an ideal way to have money set aside for medical expenses today, yet invest and grow that money for future use if you don't need it for current medical expenses.
If you have questions about investing HSA funds, contact us at 1-888-472-8697.
The maximum annual contribution is based on IRS limits and typically changes annually. Individuals age 55 and over may also contribute a catch-up contribution, which is also indexed annually. See HSA Federal Guidelines for current year limits.
Contributions to an HSA can be made by either you or your employer, or both.
You may contribute through payroll withholding on a pre-tax or post-tax basis.
Your employer can contribute, which is excluded from your income and not taxable to you
You can also make after-tax contributions directly to your HSA and deduct this amount (subject to maximum annual contribution limits) from your taxes at filing time.
Yes, you can spend money out of your Health Savings Account for non-medical expenses; however, you will pay income tax and a 20 percent penalty for a non-medical withdrawal prior to age 65.
For a full list of IRS-qualified medical expenses, please see IRS Publication 502. If you have questions about eligible HSA expenses, contact us at 1-888-472-8697.
A list of allowable expenses can be found on our Eligible Expenses page. For a full list of IRS-qualified medical expenses, please see IRS Publication 502.
In general, you can use your tax-advantaged HSA dollars on medical, dental (including braces for your children) and vision expenses, chiropractic visits, and even acupuncture, but not on your insurance premium, unless you are unemployed and are collecting Federal unemployment benefits.
We also offer Old National HSA account holders access to The HSA Store. Since only HSA-qualified products are sold on this online site, you can be sure that your purchase complies with IRS regulations.
If you have questions about eligible HSA expenses, contact us at 1-888-472-8697.
You will need your HSA number in order to enroll in Online Banking. About a week after you open your HSA, you will receive a welcome letter with your account number and instructions for accessing the Old National Bank online banking site and telephone banking system. To avoid a paper statement fee, be sure to follow the instructions in the welcome letter to elect eStatements. If you would like assistance using these services, please call our Client Care Center toll-free at 888-472-8697
Mobile Deposit is a feature within Digital Banking that allows you to deposit checks to your HSA by using your phone's camera. You will first need to download the ONB Mobile App.
To use Mobile Deposit
Log in to your ONB Mobile app.
At the bottom of the screen, choose Check Deposit.
In the "To" section, select the account you want to deposit to and enter the amount.
Endorse the check by signing your name on the back. Then print For Mobile Deposit Only, or check the mobile deposit box if available.
Select the photo icon and capture an image of the front and back of your check.
Verify the information and select Deposit.
You will receive an email confirmation once a Mobile Deposit has been submitted. A second email will be generated when the deposit has been reviewed to let you know the status of the deposit. An approval email does not guarantee that the funds are available immediately. If we receive your mobile deposit by our Mobile Deposit cut-off time of 8pm CST, Monday through Friday (excluding holidays), we consider that business day to be the day of your deposit. Otherwise, we will consider that the deposit was made on the next business day we are open.
Important information about using Mobile Deposit with your HSA
Only current year deposits are available through Online Banking or the ONB Mobile App.
Deposits intended for the prior year cannot be made through Online Banking or the ONB Mobile App. Prior year deposits must be made at a banking center or by mail. Our mailing address is: The HSA Authority ATTN: Processing Center, PO Box 3606, Evansville, IN 47735
Additional tips for using Mobile Deposit
Take photos in a well-lit area
Place check on a dark surface
Be sure only the check is in the photo (no fingers holding the check)
Make sure the whole check is visible in the guidelines; leave a small amount of space between the guidelines and the edges of the check
Give the camera time to focus before taking the photo; being too close can make the check image blurry
Tap the center of your screen to get a clear picture
Make sure the check isn't folded or torn
If you need assistance with using Mobile Deposit, please call Client Care at 1-800-731-2265.
You can learn more about using Mobile Deposit on oldnational.com.
The Account to Account Transfers feature in Digital Banking enables you to transfer funds between your HSA and an account outside of Old National. You can set up automatic or recurring transfers, schedule transfers in advance and get notifications of those transactions.
This feature is available in Online Banking and not the ONB Mobile App.
To make your transfer, within Online Banking, go to Move Money in the top menu. Then choose Popmoney & External Transfers and then Transfer Between My Accounts.
Before you can transfer money, you will need to add any external accounts you want to move money to or from. To do this, just select Add a New Account, choose the Account Type and enter the account information.
Once you follow the steps to verify your external account, and it is available in your Online Banking, you can begin making one-time or recurring transfers.
Just enter the transfer amount, select the accounts you want to transfer from and to, and choose Continue.
Important information about transferring money between your HSA and a non-Old National account
Transfers between accounts using Online Banking are tax reportable events.
If you wish to transfer your Old National HSA to another HSA as a non-reportable tax event, please request a transfer of funds with your new HSA Custodian.
Transferring funds between your HSA and other Old National accounts is easy – whether you’re making a one-time transfer or scheduling recurring transfers. You can transfer money from Online Banking or the ONB Mobile App.
Within Online Banking
To make a one-time transfer, go to My Accounts in the top menu of the Online Banking homepage. Select the Transfer icon above your listing of accounts. You can also choose Move Money in the top menu and select Make a Transfer.
Here you can select the accounts you want to transfer from and to and type and enter the date and amount of the transfer. You can also select the Repeat Transfer box if you want to set up a recurring transfer.
When you have entered all information, choose Make Transfer. Take a moment to verify that your transfer details are correct, then click Confirm.
Once you have confirmed, we’ll let you know that your transfer is complete. Now you can choose to Print this receipt, Make another transfer, or Exit by clicking Go to My Accounts.
Within the ONB Mobile App
Log in to your Mobile App, and at the bottom choose the Transfers icon. On the next screen, select the accounts you want to transfer from and enter the amount.
For an immediate, one-time transfer select Transfer and then Confirm.
To schedule a transfer for a future date, or to schedule recurring transfers, choose the Schedule tab at the top of the Transfers screen. Then select Schedule a Transfer.
Important information about transferring money between your HSA and other Old National accounts
Transfers between accounts using Online Banking or the ONB Mobile App are tax reportable events.
If you wish to transfer your Old National HSA to another HSA as a non-reportable tax event, please request a transfer of funds with your new HSA Custodian.
You can learn more about making transfers in digital banking on oldnational.com.
You can use Popmoney® as a way to send payment from your HSA. You can send money through email or text, using your existing Old National HSA and Online or Mobile Banking. In as little as 1 to 3 business days, payees receive their money, and it doesn’t matter where they bank.
You should be aware that sending money from your HSA using Online Banking or the ONB Mobile App is a tax reportable event.
Within Online Banking
To access and use Popmoney in Online Banking, go to Move Money in the top menu. Then choose Popmoney & External Transfers and then Pay Other People. Here you can send money, view activity and add new contacts for payment or of funds. On the right side of the Popmoney screen, you will find a full list of FAQs.
From the ONB Mobile App
From the main screen of the Mobile App, choose More in the lower, right corner. Then choose Popmoney. Choose from an existing contact, or enter the mobile phone number or email to set up a new payee.
Whether you are sending money via Popmoney in Online Banking or the Mobile App, you will be asked to enter the dollar amount, account you want the money to come from and how soon you want it delivered (3 business days or next business day). Note that there is a $4.95 fee for next business day delivery.
There is a minimum transaction amount of $10 when using Popmoney.
Here are a few of the benefits of using Card Controls:
Monitor
Know exactly what is happening with your HSA debit card, anytime and anywhere. Turn on alerts for Internet purchases, ATM transactions and more.
Manage
Use Card Controls to immediately turn your HSA debit card on or off in case it is misplaced or lost, or for any other reason. You can also set transaction limits, so all debit card transactions above a certain amount will be declined.
Visit our Card Controls page for more information, including how to enroll.
Even if you use Card Controls to turn off your HSA debit card, you should still contact us at 1-800-731-2265 to report any unauthorized activity.
Card Controls enable you to monitor HSA Debit Card activity, receive alerts for certain types of transactions and turn your card off/on in the event that it is lost or stolen.
To set up Card Controls through a web browser, log in to your Online Banking account on oldnational.com. Select Additional Services at the top of the screen and then Card Controls.
You will then see a list of your debit cards. Active cards which are available for Card Controls use are by default set to "ON" the first time you view them. Suspended cards which are not available for Card Controls are displayed as “OFF.”
Setting Card Controls to "ON" or "OFF"
Under the Card Status column, click on the ON/OFF toggle to set your HSA Debit Card status to either active or suspended.
Setting the debit card status to “OFF” suspends all activity on the card. The status must be set to “ON” to use the card.
A debit card must be in “Active” status to add Declines and Alerts.
Setting debit card Alerts
Choose your HSA Debit Card and make sure the Card Status is set to Active/ON. Select the Set Declines and Alerts button. Note: You will need to agree to Terms and Conditions the first time you use this feature.
The Set Declines and Alerts window will open for that selected card, with a list of transaction types. Set the ON/OFF toggle near the top of the window to ON to receive alerts for all transaction types: purchase, ATM, Internet Purchase, Mail/Telephone Order, or Non-US Purchase.
To set up an Alert for a specific Transaction Type only, choose that transaction type. Set the Send Alerts option to ON. When an Alert is turned on, you will see a blue bell next to it.
When a transaction is set to ON, EVERY transaction of that type on the card will trigger an Alert.
Declining debit card transactions
Choose your HSA Debit Card and make sure the Card Status is set to Active/ON. Select the Set Declines and Alerts button. Note: You will need to agree to Terms and Conditions the first time you use this feature.
The Set Declines and Alerts window will open for that selected card, with a list of transaction types. Choose the transaction type that you want to decline. Set the Decline Transaction option to BLOCK. Note: If the Decline Transaction toggle is set to BLOCK, an Alert will automatically be sent.
When a transaction is set to BLOCK, EVERY transaction of that type on the card will be declined/blocked.
Setting Spend Limits
When Spend Limits are set on your HSA Debit Card, transactions made over a certain amount will be declined. To set up Spend Limits, select the Spend Limits tab at the top left of the Set Declines and Alerts window. A Spend Limits window will open.
Turn on the Spend Limit by toggling to BLOCK and enter the maximum dollar amount to allow. ANY debit card transaction that is more than the dollar amount entered will be blocked/declined.
To Block transactions over a dollar amount AND receive an Alert, go to Alert Me and set the toggle to ALERT. Enter the minimum dollar amount for which you want to receive an Alert.
You can Block a certain dollar amount but be Alerted for a different dollar amount. For example, you can set up your debit card to BLOCK transactions over $200 but set up an Alert to go out anytime a transaction is made for over $100.
A note about Email vs. Text Alerts
Card Control Alerts are emailed to the email address listed in Online Banking under Notifications and Settings on the Alerts & Notifications screen. If you also have a phone number set up to receive Text Alerts, you will receive Card Control Alerts by text too. There is not a way to turn off the email alerts. You can turn off Text Alerts by removing your phone number from the Alerts & Notification screen, but this will turn off ALL Text Alerts and not just Card Controls Alerts.
Card Controls enable you to monitor your HSA Debit Card activity, receive alerts for certain types of transactions and turn your card off/on in the event that it is lost or stolen.
After logging in to the ONB Mobile App, go to More on the lower right of the Accounts screen. On the Account Services screen, select Card Controls.
You will then see a list of your debit cards. Active debit cards which are available for Card Controls use are by default set to "ON" the first time you view them. Suspended cards which are not available for Card Controls are displayed as “OFF.”
Setting Card Controls to "ON" or "OFF"
Next to Card Status, use the ON/OFF toggle to set your HSA Debit Card status to either active or suspended.
Setting the card status to “OFF” suspends all activity on the debit card. The status must be set to “ON” to use the card.
A debit card must be in “Active” status to add Declines and Alerts.
Setting debit card Alerts & Controls
Choose the debit card you want to set, make sure the Card Status is set to Active/ON and select the Set Declines and Alerts button.
The Set Declines and Alerts screen will open with three options:
Send Alerts for all transactions, next to a toggle bar
Transaction Type
Spend Limits
Next to Send Alerts for all transactions, you can set the toggle to ON to receive Alerts for all transaction types: purchase, ATM, Internet Purchase, Mail/Telephone Order, or Non-US Purchase.
To set up an Alert for a specific Transaction Type only, choose Transaction Type for a list of options. Tap the option(s) for which you want to receive an Alert. Set the Send Alerts option to ON. When an Alert is turned on, you will see a blue bell next to it.
When a transaction is set to ON, EVERY transaction of that type on the debit card will trigger an Alert.
Declining debit card transactions
Choose your HSA Debit Card, make sure the Card Status is set to Active/ON and select the Set Declines and Alerts button.
To decline a specific Transaction Type, tap Transaction Type for a list of options. Tap each option you want to block and next to Decline Transaction set the toggle to BLOCK. Note: If the Decline Transaction toggle is set to BLOCK, an Alert will automatically be sent.
When a transaction is set to BLOCK, EVERY transaction of that type on the debit card will be declined/blocked.
Setting Spend Limits
When Spend Limits are set on your HSA Debit Card, transactions made over a certain amount will be declined. To set up Spend Limits, select the Spend Limits option.
Turn on the Spend Limit by toggling to BLOCK and enter the maximum dollar amount to allow. ANY debit card transaction that is more than the dollar amount entered will be blocked/declined.
To Block transactions over a dollar amount AND receive an Alert, go to Alert Me and set the toggle to ALERT. Enter the minimum dollar amount for which you want to receive an Alert.
You can Block a certain dollar amount but be Alerted for a different dollar amount. For example, you can set up your card to BLOCK transactions over $200 but set up an Alert to go out anytime a transaction is made for over $100.
A note about Email vs. Text Alerts
Card Controls Alerts are emailed to the email address you have listed in Online Banking under Notifications and Settings on the Alerts & Notifications screen. If you also have a phone number set up to receive Text Alerts, you will receive Card Controls Alerts by text too. There is not a way to turn off the email alerts. You can turn off Text Alerts by logging in to Online Banking from a browser and removing your phone number from the Alerts & Notification screen, but this will turn off ALL Text Alerts and not just Card Controls Alerts.
First, be aware that you do not have to add your spouse or tax-dependent child to your Health Savings Account, in order for your HSA funds to cover their qualified medical expenses. They also are not required to be covered by your High Deductible Health Plan (HDHP).
However, if you want a child or spouse to be able to pay for qualified medical expenses on their own (for example a child away at college), you will need to add them as an authorized signer on your HSA. To do so, please complete the Additional Authorized Signer form on our website, theHSAauthority.com. Instructions are on the form. You may also request an additional HSA debit card for their use on this form.
Please be aware, an authorized signer can sign checks or make withdrawals without needing your (the account owner’s) permission. If you add an authorized signer, you will want to make sure the person is someone you trust to use your HSA funds for qualified medical expenses only.
To close your HSA, you’ll need to speak with one of our associates. Please call our Client Care team at 1-888-472-8697 Monday through Friday, 7am-5pm CT, and Saturday, 7am-noon CT.
