woman at pharmacy

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.

You get tax-free earnings1 and tax savings when you contribute1.

Earns dividends

Balances of $15,000 and over earn 2.00% 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.

HSA Contribution Limits
20232024
Single$3,850$4,150
Family$7,750$8,300

HSAs earn dividends

Health Savings Account (HSA) Rates
BalanceAPY2
$15,000 and over2.00%
$5,000 to $14,999.991.50%
$2,500 to $4,999.991.00%
$500 to $2,499.991.00%
$100 to $499.990.50%
$0 to $99.990.00%
Accurate as of 05/29/2023
Apply now

Learn more about HSAs

Woman and man talking

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.

a

What happens to my HSA if I am no longer in a high deductible health care plan?

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.

a

What is the difference between an HSA and a Flex Spending Account?

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.

a

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.

a

Will I receive a debit card and/or checks when I open a Health Savings Account?

Yes, you will receive an HSA debit card (upon request) when the account is opened.

a

Can I transfer my HSA at another bank to Connexus?

Yes. For instructions on transferring your current HSA to Connexus, call 800.845.5025.

a

Can’t find what you’re looking for? Ask us!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Disclosures

See our Fee Schedule for a list of fees you may encounter.

1Please consult your tax advisor to determine your specific tax situation.

2APY = Annual Percentage Yield. Balances of 0 to $99.99 earn 0.00% APY. Balances of $100 to $499.99 earn 0.50% APY. Balances of $500 to $4,999.99 earn 1.00% APY. Balances of $5,000 to $14,999.99 earn 1.50% APY. Balances of $15,000 and over earn 2.00% APY. Rates are accurate as of 05/29/2023. No minimum opening deposit or balance is required. Fees may reduce earnings.  The rates stated on these products are subject to change.