Health Savings Account (HSAs)Medical expenses happen.Be better prepared with a tax-advantaged HSA. Apply nowFeaturesEasy accessYou can use your debit card to pay for qualified medical expenses.Account trackingHSA spending can be monitored through Digital Banking.Tax-related perksYou get tax-free earnings1 and tax savings when you contribute1.Earns dividendsBalances of $15,000 and over earn 2.00% APY2.Reliable protectionYour 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.govYou are not enrolled in MedicareYou cannot be claimed as a dependent on someone’s tax return1Contribution limitsContributions 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 Limits20222023Single$3,650$3,850Family$7,300$7,750HSAs earn dividendsHealth Savings Account (HSA) RatesBalanceAPY2$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 02/01/2023 Apply now 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. 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! Notice: JavaScript is required for this content. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. DisclosuresSee 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 02/01/2023. No minimum opening deposit or balance is required. Fees may reduce earnings. The rates stated on these products are subject to change.
