Your money can make money. That's right. HSA contributions can be invested, and the earnings and dividends are all deposited back into the health savings account tax-free. Thus, saving money isn't the only financial benefit of an HSA. Earning money is a possibility too.
The Fine Print
Once you’ve saved $1,000, you can establish an investment account using your HSA contributions, with a variety of mutual funds to choose from.
BONUS: All earnings, interest and investment returns are tax-free
HSA Checking at Old National Bank is required before and must remain open while funds are invested with HSA Investment Services.
$36 annual cost
The HSA Checking account must act as the conduit for all transactions for Government reporting purposes.
Transfer requests from HSA Checking account to HSA Investment Services account can be made by contacting The HSA Authority team at 1-888-472-8697, option 2.
Transfer requests from HSA Investment Services accounts to HSA Checking can be made by logging into your Investment Account through the above login.
Please refer to the The HSA Authority Mutual Fund Options sheet for a list of investments.
If you should have any questions, please contact Customer Care at 888.472.8697, option 2.
The HSA Authority Investment Account is a self-directed account. This means you choose where you wish to invest your HSA dollars from a list of mutual funds available. Neither Old National Bank, nor our investment partner, Devenir, can provide investment advice on this program. We recommend you speak with a licensed investment advisor if you have questions about investments.
You must have an open HSA Checking account with The HSA Authority at Old National Bank before and during the time you have an HSA Investment account open. We also require a minimum balance of at least $1,000 in your HSA Checking account to open an HSA Investment account.
The mutual funds in this program are load-waived. This means that typical loads or commissions will not apply to these funds. If a charge would apply, it will be noted on the list of mutual funds that are available.
Visit our website at theHSAauthority.com or call an HSA Specialist at 888-472-8697, Monday through Thursday, 9:00 am – 6:00 pm ET and Friday, 9:00 am – 7:00 pm ET. Within 5 business days of submitting a completed Investment Enrollment Form, you will receive an email with instructions on how to set up and fund your new investments from your HSA checking account.
Visit theHSAauthority.com/investments. Click on the words “HSA Investment Account Login” at the top of the page. Be sure to bookmark or add this site as a favorite. You will use a temporary user ID and password the first time you log in. Your user name is your full social security number. Your password is the last eight digits of your social security number. After logging in, you will create your own user ID and password. From here you can view your investment balances, make or change your investment selections and generally navigate the investment website.
It is important that you access the investment website and select your initial investment elections as soon as possible. Go to the investment site at theHSAauthority.com/investments and once logged in hover your mouse over the Plan Services tab and select Future Investment Elections to allocate how future contributions will be distributed between the mutual funds available. Also be sure to verify your Current Asset Alignments. If your funds are deposited before you have elected your mutual funds, these dollars will reside in a default selection of mutual funds. You may want to re-direct those dollars to the mutual funds of your choice.
How do I transfer money from my HSA Checking account to my HSA Investment account? Please call an HSA Specialist at 888-472-8697 for assistance with transferring money from your HSA Checking to your HSA Investment account. After three business days the funds will show as deposited to the investments account. You may then access your investment account to allocate the funds as you would like.
You may make changes to your investment holdings once per day, but keep in mind mutual funds are considered long-term investments and some funds may charge short-term redemption fees to discourage market timing practices. Please review the fund’s prospectus for fee information specific to the fund’s short-term trading policies.
On the investment website through online banking, you can view the fund’s current prospectus and Morningstar® report for additional fund information by clicking on the P or M icons on the Mutual Fund Worksheet under the “Planning and Advice” tab. You will also find an Asset Allocation Tool to help you select the investments that fit your objectives. Just complete the questionnaire, hit the submit tab, and a recommended asset allocation model by asset class will appear.
Distributions from your investment account are conducted through the “Transfer to HSA Checking” link under the “Plan Services” tab. Your mutual funds will be liquidated proportionately based on your current fund percentage allocations and dollars will be directed back to your HSA Checking account usually within three business days.
The HSA Authority Investment account is a self-directed account. It is wise to review your goals, objectives, health care needs and risk tolerance on a regular basis. It is up to you to determine the appropriate timeframe to re-balance your account. It is recommended that you consult with your personal investment advisor prior to making investment selections.
You can find links to each fund’s prospectus at theHSAauthority.com under the Product Service tab, Investment Services. There is a link to the current HSA Investment Options on the web page. Once you are enrolled in the Investment Program and have access to the investment site, a prospectus of the mutual funds is found under the “Planning and Advice” section tab by simply clicking on “Mutual Fund Information.” Next to each fund is a P icon with a link to the prospectus. You can also call the fund company directly.
The expense ratio will vary by fund. To find information on a particular fund’s expense ratio, please consult the fund’s prospectus or view the fund’s current Morningstar® report by clicking on the fund name displayed in your The HSA Authority Investment account.
Redemption and exchange fees will vary by fund and fund family so you should consult the fund’s prospectus for redemption or exchange fee information. You may also find redemption fee information on the investment website under the “Current Asset Alignments” link. Here any fund that has an associated short-term redemption fee will be indicated on the investment website.
The mutual funds in The HSA Authority Investment platform are traded without a “load” commonly known as load waived. These shares typically would not apply when purchasing load funds of the same family outside of the HSA Investment platform. We recommend contacting the fund company directly to review their individual policies on breakpoints.
Devenir, LLC, is a registered investment adviser that was chosen by Old National Bank to research and select The HSA Authority Investment account mutual fund investment options. Devenir’s investment selection methodology screens the plan’s mutual fund options on a number of criteria, which includes, but is not limited to, total fund performance, category ranking by Morningstar® and track record. Devenir will periodically review and may recommend changes in the group of mutual funds available. If a particular fund no longer meets Devenir’s investment selection criteria, it will be discontinued as an investment option. You will not be given a separate notice of these changes; however, changes to the fund line-up will be reflected on the investment website and on the quarterly HSA Investment Options listing.
*Short term redemption fee may apply to some funds if selected. IMPORTANT INFORMATION: Self-directed investments are the sole responsibility of the account-owner. Carefully weigh the advantages and disadvantages of investing your HSA funds before doing so. Investment products are not FDIC insured; may lose value and are not a deposit account. Investment accounts are not obligations of Old National Bank or Devenir, are not guaranteed, and not insured by any federal government agency.
