*Annual Percentage Yield. Rates are subject to change at any time.
Checking Your Eligibility
If you’re covered under a High-Deductible Health Insurance Plan, you’re eligible for an HSA. You can open an account online.
Contribution Limits
Take full advantage of the health and tax benefits of your HSA by making the full annual contribution.
Maximum Annual Contributions*
$4,300 for individuals
$8,550 for families
*The IRS sets these amounts annually.
Frequently Asked Questions
A Health Savings Account (HSA) is a tax-advantaged account for individuals enrolled in high-deductible health plans (HDHP) to save for qualified medical expenses.
You or your employer can make contributions up to the maximum annual amount.
Yes. Once you’re 65, your HSA funds can be used for any purpose. If the purchase qualifies as a medical expense, the withdrawal is still tax-free. Expenses like long-term retirement care or home improvements for accessibility, such as a chair lift, are considered qualified medical expenses.
If your withdrawal is not for healthcare purposes, it is taxable as income. You won’t, however, be subject to the 20% penalty for non-medical use of the funds if you’re over the age of 65.
Your HSA is dedicated to qualified medical expenses, and its funds are meant to cover what your health insurance doesn’t, from standard co-pays to non-traditional treatments. HSAs are commonly used for expenses like
Deductibles
Dental services
Vision care
Prescription drugs
Co-pays
Mental health care
Chiropractic
Yes, you can invest your Health Savings Account (HSA) funds. Once eligible, you can invest in mutual funds, exchange-traded funds (ETFs), and other securities, which can provide tax-advantaged growth and help you save for long-term health care expenses. After age 65, you can use your HSA funds for any purpose, paying only income tax on non-qualified withdrawals.
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