Print this page

HSAs for Sole Proprietors and Self Employed Individuals

Invest in your health — tax-free

 
Wells Fargo Individual HSA Open an HSA
Small Business HSA Program Learn More

A Wells Fargo Individual Health Savings Account (HSA)

A Wells Fargo Health Savings Account (HSA), combined with any HSA compatible health plan, provides a smart and cost-effective method for you to save and pay for qualified medical expenses tax-free1 - with no use it or lose it restrictions.

If you are a sole proprietor or self-employed and enrolled in an HSA compatible health plan, enrolling in an individual HSA is simple. Wells Fargo provides all the tools necessary for you to take advantage of an HSA in a self service format. This allows you to take action without the need for any plan administration. The HSA is entirely yours and can be easily funded with tax-deductible contributions at anytime up to the annual IRS maximums.

Is an individual HSA appropriate?

If you are a sole proprietor or self employed enrolling only yourself in an HSA, an individual HSA is right for you.

An HSA program is appropriate if you are a small business with one or more employees with plans to include an HSA as part of your benefit offering.

The benefits of an HSA include:

  • Tax-free earnings
  • Tax-deductible contributions – no income cap
  • Tax-free payment of qualified medical expenses
  • FDIC insured deposit account and option to invest2
  • Once you turn 65, it becomes similar to a regular IRA
    • Withdrawals used for qualified medical expenses remain tax free
    • Withdrawals used for non qualified medical expenses are subject to regular income tax
Close

HSA Compatible Health Plan

 
An HSA-compatible health plan is a health insurance plan with a minimum deductible of $1,250 (single) or $2,500 (family) out-of-pocket expenses are $6,350 (single) or $12,700 (family).
 
 
Wells Fargo Individual HSA Open an HSA
Small Business HSA Program Learn More
 
1 All tax references are at the federal level. State taxes vary. Please consult with your tax advisor.
2 INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Deposit products offered by Wells Fargo Bank, N.A. Member FDIC

© 2012 Wells Fargo Bank, N.A. Member FDIC