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With your health savings account
Savings for now and the future
Your health plan comes with a health savings account (HSA). You can put money into your HSA tax-free and use it to pay for qualified health care costs. Here’s some helpful information so you can better understand your HSA and how to make the most of it.
How do I use my HSA funds?
Debit card
You can pay for qualified expenses directly from your account using your HSA debit card, which can be used at any health care provider or pharmacy where debit cards are accepted.
Online bill pay
Your HSA also includes an electronic bill-pay feature that allows you to easily pay a bill directly from your account.
Reimbursement
If you pay for qualified expenses out-of-pocket, you can reimburse yourself from your HSA by transferring funds to your personal checking or savings account. You don’t need to submit a claim, but be sure to keep a receipt or other documentation in the event of an audit.
Don’t forget to designate a beneficiary
This is who will receive the account at the time of your death. If you don’t designate a beneficiary, the money from your HSA will be included in your estate and the value will be taxable on your final income tax return.
What expenses are qualified?
Certain health care expenses can be paid tax-free when you use your HSA. Here are just some:
Lab tests
Deductibles
Prescriptions
Hospital visits
Urgent and emergency care
Your percentage of costs
Get the full list of qualified expenses (both medical and dental) from the IRS.
How can I contribute to my HSA?
You can contribute money to your HSA, up to the IRS limits, in many ways. We’ve included the most common ways below.
Paycheck deduction contribution
Paycheck deduction may be offered by your employer. The money is deposited into your HSA before taxes are applied to your paycheck, making your savings immediate.
Direct contribution
Direct contributions can also be made from your personal checking account and can be deducted on your personal income tax return.
Prior HSA contributions
If you have an existing HSA, you have the choice to transfer the funds to your new HSA.
Contributions for the tax year can be made any time after the plan year has begun and before the deadline for filing your federal income tax return for that year.
| Tax year | Maximum HSA contribution limit | |
|---|---|---|
| Individual | Family | |
| 2024 | $4,150 | $8,300 |
| 2025 | $4,300 | $8,550 |
| Catch-up* | + $1,000 | + $1,000 |
* If you’re over the age of 55, you can make an additional catch-up contribution of $1,000.
Wondering how much you’re saving with your HSA?
This calculator does the hard work for you.
How do I grow my HSA funds?
Once your HSA balance exceeds $1,000, you can invest your HSA dollars in mutual funds offered through your HSA bank. Once you’ve set up your investment account, you’ll be able to transfer funds online between your HSA and investment account.*
Opening your account
- Go to your HSA Account Details page and select Investments.
- Select Apply For An Investment Account. Note: You must read and accept the ESIGN Agreement for HSA Investments and HSA Investments Terms and Conditions documents.
- Choose Submit. The application will be processed within 24 to 48 hours.
Setting up your account
- Go to your HSA Account Details page and select Investments.
- Select Navigating HSA Investments.
- Follow the steps to complete your enrollment on the investments website.
- To transfer funds to your investment account, go back to the Investment page and choose Transfer to Investments.
* A flat fee of $2.25 will be paid out of your account each month if there’s a balance in your investment account. If there’s no balance in your account and no activity in a given month, there’s no monthly charge.
Why should I transfer my HSA to Anthem?
If you have more than one health savings account, combining your funds at Anthem makes it easier to manage your account.
You'll simplify your life. You’ll have just one user ID, one statement, one mobile app, one Member Services team and one debit card.
You’ll pay less in fees. By combining funds and closing your other accounts, you’ll stop paying fees to your other HSA custodian.
You’ll earn more interest. The more funds you have in your HSA, the more interest you’ll earn on your balance.
You’ll have an easier time filing your taxes. With just one HSA, you’ll have only one set of tax forms to manage during tax time.
What are the benefits of an HSA?
Your HSA comes with a lot of perks. Take a look.
Lower your taxes
The money you contribute to your HSA lowers your tax liability.
Roll over your funds
Your HSA balance rolls over every year
Take it with you
The account is yours, even if you change jobs or health plans or retire.
Earn tax-free interest
You can invest your HSA funds, and unlike most savings accounts, the interest you earn is tax-free.