Health Savings Account (HSA)
Stay on Top of Your Medical Expenses
Call 800.845.5025
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
No Minimum Balance Required
We don’t charge a fee for a low balance.
Tax-Related Perks
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 the maximum limit specified by law. Individuals age 55 and older can make an additional $1,000 catch-up contribution.
| 2017 | 2018 | |
|---|---|---|
| Single | $3,400 | $3,450 |
| Family | $6,750 | $6,900 |
HSAs Earn Dividends
| Balance | APY2 |
|---|---|
| $15,000 and over | 2.00% |
| $5,000 to $14,999.99 | 1.50% |
| $2,500 to $4,999.99 | 1.00% |
| $500 to $2,499.99 | 1.00% |
| $100 to $499.99 | 0.50% |
| Accurate as of 7/23/20182 | |
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.
Fees
See our Fee Schedule for a list of fees you may encounter.
FAQs: You Asked. We Answered.
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. You must also qualify for Connexus membership. Here’s how.
The following fees may be issued:
- $2 monthly maintenance fee
- $16.90 to order checks
- $30 transfer out fee when closing account
For the full list of fees, please see our Fee Schedule.
Yes, you will receive an HSA debit card (upon request) when the account is opened.
Yes. For instructions on transferring your current HSA to Connexus, call 800.845.5025.
Disclosures
1 Please consult your tax advisor to determine your specific tax situation.
2 APY = 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 7/23/2018. No minimum opening deposit or balance is required. Fees may reduce earnings. The rates stated on these products are subject to change.
Federally Insured by NCUA