HSA Rates

Rates effective as of November 22, 2023

*APY=Annual Percentage Yield. Rates are current as of the posted date. Fees, service charges, and withdrawals may reduce earnings.
Contact an employee regarding applicable fees and terms. APY assumes interest will remain on deposit. Rates are subject to change without notice.
The daily balance is the amount of principal in the account each day. 

HSA Contribution Limits

Each year, the Internal Revenue Service (IRS) sets the  maximum that can be contributed to an HSA. The amount you can contribute each year is determined by whether you are enrolled in self-only or family coverage and if you are age 55 or older. Any contributions by your employer count towards the maximum contribution allowance. 


Self-Only Coverage

Family Coverage







Individuals age 55 and older can contribute an additional $1,000 as a catch-up contribution.

You generally have until the tax filing deadline to contribute to an HSA. For tax year 2023, you can make contributions up until April 15, 2024.

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Get Answers To Frequently Asked Questions About the
Best Health Savings Accounts (HSA) in Ohio

Do I qualify for a Health Savings Account (HSA)?

HSAs are accounts designed to help offset the rising cost of individual health care. If you are unsure as to whether or not you qualify for this type of account, we suggest checking with your insurance carrier. Carriers will label their plans as HSA eligible if they meet the requirements.  

For more information about HSA eligibility and requirements, check with your tax preparer, employer, or read the IRS publication on HSAs by clicking here.

What can I use my HSA funds for?

With an HSA account, you can contribute pretax income for health care costs. These expenses include deductibles, copayments, and qualified medical expenses.

The IRS defines a qualified medical expense as expenses that would generally qualify for the medical and dental expenses deduction. These are explained in IRS Publication 502.

HSAs are useful tools for accumulating tax-free money to pay your out-of-pocket health care expenses because your contributions, earnings, and qualified withdrawals are not taxed. 

What happens if I use my account for non-eligible expenses?

If you use your HSA for non-eligible expenses, those funds will be taxed since they were not taxed when contributed to the account.

Additionally, if you are under the age of 65, you will also be subject to an additional 20% tax on the part of the distribution not used for qualified medical expenses. 

Due to the complex nature of tax law, we recommend that you speak with your tax preparer for tax-related questions.

What happens to the money I contributed in my HSA if I no longer have a high-deductible health plan (HDHP)?

When your funds are deposited into your account, they can be used to pay for qualified medical expenses, even if you no longer have a HDHP. The funds in your account will remain indefinitely until used and there is no time limit on when you must use the funds. 

Once your HDHP coverage ends or changes to another type of insurance that makes you ineligible for a HSA, you can no longer make contributions to the account, but can continue to use the funds until depleted.