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Health Savings Account (HSAs)

What are the benefits of an HSA?

  • No minimum deposit or balance required to earn dividends
  • Competitive monthly dividends
  • No account fees
  • Balances roll over from year to year
  • Easy access with a Visa Debit Card and the option to include free checks
  • Choice of savings plans
  • HSA certificates get the same rate as our regular certificates (excludes promotional rates)
  • Investing your HSA funds into a variety of no-load or load-waived mutual funds via our brokerage HSA through a partnership with DEVENIR, a national leader in investment options for health benefit plans

What are the contribution limits for an HSA?

  • All you fine HSA holders can save up to $3,550 for an individual and $7,100 for a family.
  • If you're an HSA holder who is 55 years old or older, you'll get to save an extra $1,000, which means $4,500 for an individual and $8,000 for a family.

These contributions are 100% tax deductible from gross income. Rad, right? The minimum annual deductibles are $1,350 for individual coverage or $2,700 for family coverage.

Keep in mind, annual out-of-pocket expenses (deductibles, co-payments, but not premiums) cannot exceed $6,750 for individual coverage and $13,500 for family coverage.

How do I use my HSA Visa debit card?

You can use your card as a debit card with your PIN, you can sign for your qualified medical expenses like a credit card, and the card will work at ATM machines. You can make balance inquiries and deposits to your account like any other savings account — just remember, per IRS guidelines, this account can only be used for qualified medical expenses. Maybe those sweet new sneaks can be signed off by a doctor?

How many HSAs can I have?

All the HSAs! Seriously, you can have as many as you'd like, as long as the annual contribution limit in all your accounts doesn’t exceed the annual contribution limits the IRS sets. So you can have an HSA with your employer's financial institution and your health plan's, and you can open an Andigo HSA. Go nuts, kid.

How can I qualify for an HSA?

  • Must be 18 years or older
  • Be an Andigo member with a minimum $5 balance in your personal savings account
  • Be enrolled in a high deductible health plan (HDHP) and not covered by another general coverage medical plan or Medicare