Health Savings FAQ
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
- 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 2023, the maximum contribution for an individual with self-only coverage under a high deductible health plan is $3,850 and for family coverage under a high deductible health plan is $7,750. 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?
- For more information about a Primary Bank HSA please contact one of our experienced Bankers at 603-310-7200
- IRS Publication 969
- IRS Publication 502