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 my HSA?

For 2019, the maximum contribution for single coverage is $3,500 and for family coverage is $7,000.  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: