HEALTH SAVINGS ACCOUNT (HSAS)
Medical expensis happens to everyone but you can be better prepared with a tax-advantaged HSA.
An HSA is a savings account that allows you to put money aside on a pre-tax basis for qualified medical expenses. It can only be used if you meet the qualifications below. These accounts earn dividends, and your money rolls over from year to year if you don’t spend it.
To be an eligible individual and qualify for HSA, you must meet the following requirements:
| Balance | APY2 |
|---|---|
| $15,000 and over | 1.50% |
| $2,500 to $4,999.99 | 1.00% |
| $500 to $2,499.99 | 1.00% |
| $100 to $499.99 | 0.50% |
| $0 to $99.99 | 0.00% | Accurate as of 03/30/2023 |
How Health Savings Accounts Work
An HSA is a savings account that allows you to put money aside on a pre-tax basis for qualified medical expenses.
You won’t lose the money in your HSA account and you can continue to use the money for qualified medical expenses. However, you will not be able to make contributions to your HSA.
The main difference is that you will not lose your money in your HSA if you do not use it. The money in your HSA will carry over from year to year.
Please see “Who Qualifies for an HSA” above, or see the IRS.gov requirements to determine whether or not you qualify.
Yes, you will receive an HSA debit card (upon request) when the account is opened.
Yes, you will receive an HSA debit card (upon request) when the account is opened.
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