Bronze and Catastrophic plans now HSA eligible
New legislation affecting Health Savings Accounts (HSAs), recently passed. That means Bronze and Catastrophic healthcare plans are now HSA eligible, so you can take care of your health without making trade-offs. Learn more about the changes that may impact you.
Open an HSA with HSA Bank
Discover what’s unique about an HSA with HSA Bank. Millions of people have had access to HSAs for decades. Now it’s your turn.
With your HSA, you can put tax-free money in. Enjoy tax-free growth. And spend tax-free on tons of qualified medical expenses. There’s no other savings account like it.
You can use your HSA dollars for doctor visits, prescriptions, dental, vision, emotional health services and hundreds of other IRS-qualified expenses.
Your HSA is yours to keep, even when you switch jobs, insurance plans, or retire.
Pay today’s health costs efficiently or invest HSA dollars for tomorrow’s care. An HSA earns interest tax free and can be invested.
Get answers to frequently asked questions (FAQs)
Contributions to HSAs are not subject to federal income taxes.* Plus, earnings to an HSA from interest and investments are tax-free.
*Federal tax savings are available regardless of your state. State tax savings may not be available in every state. HSA Bank does not provide tax advice. Consult your tax professional for tax-related questions. For more information concerning state taxes, please consult with your state department of revenue.
No, HSA funds roll over from year-to-year, allowing your balance to grow over time.
Yes, HSA Bank offers investment options for your HSA.
You can pay for IRS-qualified medical expenses with funds from your HSA by using your HSA Bank-issued debit card. You can also reimburse yourself later for any IRS-qualified medical expense paid out of pocket in your online account.
Any eligible individual may contribute to an HSA. Family members may also make contributions to your HSA. The combined contribution amount is subject to the annual IRS contribution limits.
The main requirement for opening an HSA is having an HSA-qualified health plan that meets IRS guidelines for the annual deductible and out-of-pocket maximum. Your HSA-qualified health plan could be a Bronze, Catastrophic or high-deductible health plan (HDHP).
To be an eligible individual and qualify for an HSA, you must also meet the following requirements.
You are not covered by any other non-HSA-eligible health plan, such as a spouse's plan, that provides any benefits covered by your health plan.
You are not enrolled in Medicare.
You do not receive health benefits under TRICARE.
You cannot have received medical benefits from Veterans Administration (VA) for any non-service-connected disabilities at any time during the previous three months.*
You cannot be claimed as a dependent on another person's tax return.
You are not covered by a general purpose Healthcare Flexible Spending Account (HC-FSA) or Health Reimbursement Account (HRA). Alternative plan designs, such as a Limited-Purpose FSA or HRA, might be permitted.
*Title 38 of the United States Code, Section 101(17) defines "non-service-connected" as, with respect to disability, that such disability was not incurred or aggravated in line of duty in the active military, naval, or air service.
SECURITIES AND INVESTMENTS
|
Not Insured by FDIC or Any Other Government Agency |
Not Bank Guaranteed |
Not Bank Deposits or Obligations |
May Lose Value |
The HSA Invest program is administered by DriveWealth, LLC, a FINRA registered broker dealer. LeafHouse Financial Advisors, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission that offers investment advisory and management services. Registration does not imply a certain level of skill or training. More information about LeafHouse Financial Advisors, LLC, including investment strategies, fees and objectives, can be found in its Form ADV Part 2 and Form CRS, which are available on the Member Website.
HSA Bank, DriveWealth, LLC and LeafHouse Financial Advisors, LLC are not affiliated and not responsible for the products and services provided by the other. Neither HSA Bank nor DriveWealth can provide investment advice to investors. Past performance is not indicative of future results. All investments involve risk, including loss of principal, and there is no guarantee that investment objectives will be met.
*HSA contributions and earnings aren’t subject to federal taxes and aren’t subject to state taxes in most states. Contact a tax professional for information about your state.
