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 earnings 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
Contributor Type
20232024
Single$3,850$4,150
Family$7,750$8,300

HSAs earn dividends

Health Savings Account (HSA) Rates
BalanceAPY‍2Dividend rate
$15,000 and over1.01%1.005%
$5,000 to $14,999.990.50%0.499%
$2,500 to $4,999.990.30%0.300%
$500 to $2,499.990.20%0.200%
$100 to $499.990.10%0.100%
$0 to $99.990.00%0.000%
Accurate as of 12/25/2024
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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.

Health Savings Account

Can I transfer my HSA at another bank to Connexus?
Yes. For instructions on transferring your current HSA to Connexus, call 800.845.5025.
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.
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.

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.
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.