Health Savings Account (HSAs)
Medical expenses happen.
Be better prepared with a tax-advantaged HSA.
Features
Easy access
You can use your debit card to pay for qualified medical expenses.
Account tracking
HSA spending can be monitored through Digital Banking.
Tax-related perks
You get tax-free earnings and tax savings when you contribute1.
Earns dividends
Balances of $15,000 and over earn 1.01% APY2.
Reliable protection
Your money is federally insured by the NCUA.
What is an 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.
Who qualifies for an HSA?
To be an eligible individual and qualify for an HSA, you must meet the following requirements:
- You are covered under a High Deductible Health Plan (HDHP)
- You have no other health coverage except what is permitted under “Other health coverage,” listed on IRS.gov
- You are not enrolled in Medicare
- You cannot be claimed as a dependent on someone’s tax return1
Contribution limits
Contributions can be made by you or your employer up to the maximum limit specified by law. Individuals age 55 and older can make an additional $1,000 catch-up contribution.
2024 | 2025 | |
---|---|---|
Single | $4,150 | $4,300 |
Family | $8,300 | $8,550 |
HSAs earn dividends
Balance | APY2 |
---|---|
$15,000 and over | 1.01% |
$5,000 to $14,999.99 | 0.50% |
$2,500 to $4,999.99 | 0.30% |
$500 to $2,499.99 | 0.20% |
$100 to $499.99 | 0.10% |
$0 to $99.99 | 0.00% |
Accurate as of 12/14/2024 |
Learn more about HSAs
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.
FAQs: You asked. We answered.
What happens to my HSA if I am no longer in a high deductible health care plan?
What is the difference between an HSA and a Flex Spending Account?
Am I eligible for a Health Savings Account?
Please see “Who Qualifies for an HSA” above, or see the IRS.gov requirements to determine whether or not you qualify. You must also qualify for Connexus membership. Here’s how.
Will I receive a debit card and/or checks when I open a Health Savings Account?
Can I transfer my HSA at another bank to Connexus?
Yes. For instructions on transferring your current HSA to Connexus, call 800.845.5025.