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, Indiana and Pennsylvania. 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

Coverage Type 

(MR629)

Age

Catch-Up

Contribution

Limit

Maximum

Contribution

Limit

2020 Individual Under 55 N/A $3,550
Individual Over 55 (up to 65) $1,000 $4,550
2020 Family Under 55 N/A $7,100
Family Over 55 (up to 65) $1,000 $8,100
2021* Individual Under 55 N/A $3,600
Individual Over 55 (up to 65) $1,000 $4,600
2021*

Family

Under 55 N/A $7,200
Family Over 55 (up to 65) $1,000 $8,200

*Per IRS Revenue Procedure 2020-32.

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
2019 $1,350 $2,700
2020 $1,350 $2,700
2021 $1,400 $2,800

HSA Interest Rates & Fees

Benefits
Interest Paid Minimum to Earn Interest Interest Rate/Annual Percentage Yield (APY)
  $0.00 - $999 .02/.02%
  $1,000- $4,999 .02/.02%
  $5,000- $9,999 .02/.02%
  $10,000 and above .02/.02%
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.