Health Savings Account (HSA)

With an HSA, you can save for future health expenses if you're enrolled in a high-deductible health plan, and your savings roll over each year.

Our Health Savings Accounts are available only to residents in Ohio, Michigan and Indiana. If you're eligible for an HSA, your deposits are not subject to federal income tax. (Consult a tax advisor.)

Are You Eligible for an HSA?

To open an HSA, you must be enrolled in a high-deductible health plan (HDHP), which is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. You must also answer 'no' to these questions:

  • Do you have other health coverage (except for permitted coverage)?
  • Are you enrolled in Medicare?
  • Are you claimed as a dependent to another person's tax return?

Contribution Limits

Tax Year HDHP Coverage Standard Limit Catch Up Limit Maximum Contribution Limit
2018 Self-Only $3,450 $1,000 $4,450
Family $6,900** 1,000 $7,900**
2019 Self-Only $3,500 $1,000 $4,500
Family $7,000 1,000 $8,000
2020 and later Self-Only $3,500* $1,000 $4,500*
Family $7,000* 1,000 $8,000*

*Subject to annual cost-of-living adjustments, if any.

**Per IRS Revenue Procedure 2018-27.

What is a High-Deductible Health Plan (HDHP)?

An HDHP's annual deductible is no less than the amounts shown in this chart. Contact your health plan provider for assistance in determining if your HDHP meets the requirements for an HSA.

Tax Year Self-Only Coverage Annual Deductible Family Coverage Annual Deductible
2018 $1,350 $2,700
2019 $1,350 $2,700
2020 and later $1,350* $2,700*

* Subject to annual cost-of-living adjustments, if any.

HSA Interest Rates & Fees

Benefits
Interest Paid Minimum to Earn Interest Interest Rate/Annual Percentage Yield (APY)
  $0.00 - $999 .03/.03%
  $1,000- $4,999 .03/.03%
  $5,000- $9,999 .03/.03%
  $10,000 and above .03/.03%
Free Debit Card Yes
Free E-Statements Yes
Balance Requirements
Minimum Balance or Average Daily Balance $1000, otherwise a $2.00 service charge will occur
Minimum to Open Account $50
Transaction Limits
ATM Transactions $500
Point of Sale Transactions $1,500

HSA Enrollment FAQs

Which contribution tax year should I choose?

Between January 1st through April 15th, you may choose current or previous year, depending on which year you are making contributions. Between April 16th through December 31st , you must choose current year.

How many beneficiaries should I designate?

A beneficiary is the person(s) or entity you name on your account to receive funds in the event of your death. We recommend you designate at least one primary beneficiary who will inherit your account assets in the event of your death. You can choose not to designate any beneficiaries.

What is the difference between a primary and a contingent beneficiary?

A primary beneficiary receives account assets in the event of your death. A contingent beneficiary receives account assets in the event of your death only when all primary beneficiaries have also passed away.