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Health savings accounts (HSAs)

A health savings account (HSA) is a tax-advantaged savings account that can be used to save for health care expenses. You must be enrolled in an HSA-qualified high-deductible health plan to be eligible to open an HSA. You don’t pay taxes on the money you put in, on the money you take out for qualified medical expenses, or on any money you earn on the account.

Qualified medical expenses include your out-of-pocket costs (copays, deductibles, coinsurance) along with some health care services not covered by a health plan, such as LASIK surgery. There’s a maximum amount that you can contribute to an HSA each year; however, if you don’t use all of the money within your benefit period, it rolls over to the next year. (See IRS publication 969 for more information about HSAs.)

How does an HSA work for you?

An HSA lets you save money to pay for qualified medical expenses now and in the future.

What Is an HSA-qualified high-deductible health plan (QHDHP)?

A QHDHP is a health insurance plan with a minimum deductible of $1,600 (for self-only coverage) or $3,200 (for family coverage).1 The annual out-of-pocket cost (including deductibles and copays) cannot exceed $8,050 (for self-only coverage) or $16,100 (for family coverage).1 HDHPs have first-dollar coverage or no deductible for preventive care and higher out-of-pocket costs (copays and coinsurance) for out-of-network services.

What are the benefits of an HSA?

An HSA can allow you to:

  • Use the money you save to make tax-deductible HSA contributions
  • Take tax-free withdrawals to pay for qualified medical expenses
  • Save for future health expenses

How do I set up an HSA?

It’s easy to get started with your HSA. If you open your HSA through Independence Blue Cross, you can easily access your account, view your activity, and even pay in-network providers by logging in to You also have the option to set up an HSA with another vendor.

Once you get your HSA set up and your information has been processed, you will receive a welcome kit and a separate HSA debit card in the mail.

How do I put money in an HSA?

You can make tax-deductible contributions to your HSA from your personal bank account.

Are there HSA contribution limits once I open an account?

Yes, there are limits on the amount that you may contribute to an HSA. These limits are set by the federal government and are generally updated each year under the government’s health savings account rules and guidelines.

For 2024, the HSA contribution limits are:

  • $4,150 for individual coverage
  • $8,300 for family coverage
  • $1,000 in additional catch-up contributions for individuals between ages 55 to 65

The contribution limits include all contributions made on behalf of the individual (including contributions made by an employee, an employer, a self-employed person, or a family member). If you have more than one HSA, the annual contribution limit applies to the total of all HSAs. You can decide how to contribute to your HSA (one time or multiple times throughout the year) as long as you don’t exceed the maximum allowable annual contribution.

How do I pay for health care with an HSA?

You can use your HSA debit card at places like the doctor’s office and the pharmacy.

How do I invest my HSA contributions?

You can use your HSA to help you build a nest egg for retirement.

How do I manage my HSA?

If you have an HSA through Independence Blue Cross, you can take full advantage of convenient self-service tools by logging in to for:

  • Balance inquiries and transaction details
  • Payments and reimbursements
  • Account management

Who do I contact with HSA questions?

If you have any questions or concerns about your HSA or questions about health savings account rules, please call Member Services using the phone number provided on the back of your Independence Blue Cross ID card.

1 These amounts are adjusted annually – the amounts shown are for 2024.

This information is provided as a general reference. Independence does not offer banking, investment, or financial services. This information is not intended to provide legal or tax advice. Please talk to your tax advisor about the tax implications of an HSA.