Why open a Health Savings Account?
The short answer is that you'll save money. Here's how.
Interested in opening a health savings plan? Here's what you need to know.
- You must be enrolled in a high-deductible health insurance plan.
- You can't be enrolled in Medicare or Medicaid.
- You can't be claimed as a dependent on someone else's federal income tax return.
- Contribution limits are set by the IRS. For 2023, the limits are:
- Single Coverage Annual Limit: $3,850.00
- Single Coverage Monthly Limit: $320.83
- Family Coverage Annual Limit: $7,750.00
- Family Coverage Monthly Limit: $645.83
- If 55 or older, Catch Up Contribution: $1,000.00
Please bring your driver's license or other approved photo ID to open your new account. The branch has all of the other documents you will need to open this account. You will need to be the primary member on the account.
There are three ways to access HSA accounts—HSA Visa debit card, HSA checks, or by completing an HSA withdrawal form at a branch. You can withdraw as much as you need, up to the amount available in your account. The HSA Visa debit card does not offer ATM access or cash advance features. You can transfer money into your HSA using online banking or our mobile app.
Your employer can contribute any amount as long as your contributions do not exceed the contribution limits noted above.
No, there are no monthly maintenance fees for an HSA. The only fee you could have is for your HSA check order should you wish to order checks. Please contact Customer Service at (800) 237-7288 for check prices.
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