Health Savings FAQ

 
Who Can Open a HSA?

In order to be eligible for a HSA, you must:

  • Be covered under a HDHP on the first day of the month
  • Have no other health coverage except what is permitted
  • Not be enrolled in Medicare
  • Not be claimed as a dependent on someone else's tax return


What Expenses are Covered?*

Your HSA covers medical expenses for you, your spouse, and your dependents.  In general, it covers such things as:

  • Medical Expenses
  • Dental Care
  • Vision Care
  • Prescriptions
  • Certain medical equipment
  • Over the counter medications that are prescribed by your physician

*For a full list of eligible expenses check the IRS Website.


How Do I Fund My Primary Bank HSA?

Contributions can come straight from your paycheck through payroll deductions or through direct contributions made by you or your family and friends. 

 
How Much Can I Contribute to an HSA?

For 2024, the maximum contribution for an individual with self-only coverage under a high deductible health plan is $4,150 and for family coverage under a high deductible health plan is $8,300.  Participants age 55 or older may make up to $1,000 in additional catch-up contributions.

For more information please check the IRS Website.


Is There a Minimum Balance to Open or Other Fees Associated With a Primary Bank HSA?
  • There are no minimum to open an account
  • There is no monthly balance requirement
  • There are no monthly fees  


How Do I Open a HSA With Primary Bank?

Opening your HSA is easy and may only take a few minutes.  Please have the following information to complete the online application process:

  • Your Social Security Number
  • A valid form of identification including U.S. Driver’s License, Passport, or Military ID.
  • If applying for a joint account you will need the secondary applicant's name, Social Security Number, date of birth, and information from a valid form of identification.
  • For electronic funding, you will need your current bank account and routing number(s).


Where Can I Find Additional Resources?