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Health Savings Account (HSA)

An easy, tax-advantaged way to pay for qualified medical expenses.

Start an HSA application to get an easy, tax-advantaged way to pay for qualified medical expenses. Sign in to my HSA

What’s a Health Savings Account?

If you have a high-deductible health plan (HDHP), a Health Savings Account (HSA) is a tax-advantaged personal savings account that can help you save money on out-of-pocket medical expenses like doctor visits, vision and dental care, and prescriptions. The Truist HSA solution is administered by McGriff Insurance Services, LLC, and over time offers investment options that can help your money go even farther.

Benefits

Why is an HSA a good fit?

  • Make tax-deductible contributions, up to the annual contribution limit.
  • Pay for qualified medical expenses with tax-free withdrawals.
  • Enjoy the convenience of Truist Benefits Access debit card.
  • Carry over funds in your HSA from year to year.
  • Keep your HSA even if you change jobs.

Features

See how an HSA works for you.

  • Option for one-time direct transfer from your Individual Retirement Account (IRA) to your HSADisclosure 1
  • Tiered interest rates
  • Easy management with monthly account statements
  • Receipt capture and filing for HSA transactions

Qualified expenses

HSA funds can be used to pay for qualified medical expenses that aren’t reimbursed by insurance or otherwise reimbursed, including:

  • Medical services (fees and expenses charged by physicians, surgeons, specialists, and other health care providers)
  • Dental treatment (including fillings, extractions, braces, and X-rays)
  • Eye examinations, glasses, contact lenses, and surgery
  • Prescription medicines
  • Psychiatric care

Funds may be used for qualified medical expenses for your spouse or dependents, even if they aren’t covered by the High-Deductible Health Plan.

Investment optionsDisclosure 3

Once your balance reaches $2,000, you’ll have the opportunity to unlock investment options where you can develop your personalized HSA investment strategy for your HSA investment account, based on your own unique circumstances. Learn more about the options available to you by reviewing the materials below on the suite of mutual funds and the integrated HSA individual brokerage account (HSBA) offered by Charles Schwab.Disclosure 4

Mutual Fund ListMutual Fund List

HSA Brokerage Account (HSBA)HSA Brokerage Account (HSBA)

Contribution limits

The annual maximum HSA contribution limit changes January 1 of each calendar year based on the consumer price index.

2023 annual contribution limits

  • Single coverage: $3,850
  • Family coverage: $7,750


2022 annual contribution limits

  • Single coverage: $3,650
  • Family coverage: $7,300


Additional information

  • If you're 55 or older at any time during the tax year, you may be eligible to make a catch-up contribution of $1,000 per year.
  • Contributions to other HSAs in your name and to the Archer Medical Savings Accounts (MSAs) in your name count toward your contribution limit.

More control? You've got it.

You can contribute to an HSA pre-tax to help cover current and future medical expenses—and you’re in charge of where that money goes.

Learn how to use your HSA in the way that works best for you.

My HSA Planner to learn how to use your HSA in the way that works best for you.

Eligibility

To be eligible for an HSA, you must be covered by an HDHPDisclosure 2. For 2023, generally, an HDHP is a health plan with these features:

  • A deductible of at least $1,500 for single coverage and at least $3,000 for family coverage
  • A maximum annual out-of-pocket expense limit for allowed costs not exceeding $7,500 for single coverage and $15,000 for family coverage

Also, you must not be:

  • Covered by any other health plan other than another HDHP (with limited exceptions)
  • Eligible to be claimed as a dependent on another person's tax returnDisclosure 3
  • Enrolled in Medicare

Pricing

  • No minimum balance requirement
  • No set-up fee
  • No transaction fees
  • $1.95 monthly maintenance fee

Health Savings Account (HSA) Pricing Guide (PDF)

Health Savings Account Custodial Agreement (PDF)

Health Savings Accounts (HSA) Education Guide (PDF)

Have additional questions?

Contact us at 877-753-4930 between 8 am and 8 pm EST Monday through Friday.

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Disclosure 1 See the HSA Pricing Guide (PDF) for current applicable fees. 

Disclosure 2 Other criteria may apply. Consult your health insurance provider or tax advisor.

Disclosure 3 See the HSA Custodial Agreement (PDF).

Disclosure 4 Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Before investing, consider your investment objectives fee charges and expenses. Past performance does not guarantee future results, and the likelihood of investment outcomes are hypothetical in nature.

Disclosures

Truist Bank, Member FDIC. © 2024 Truist Financial Corporation. Truist, the Truist logo and Truist Purple are service marks of Truist Financial Corporation.

Equal Housing Lender

Investment and Insurance Products:

  • Are Not FDIC or any other Government Agency Insured
  • Are Not Bank Guaranteed
  • May Lose Value

Services provided by the following affiliates of Truist Financial Corporation (Truist): Banking products and services, including loans and deposit accounts, are provided by Truist Bank, Member FDIC. Trust and investment management services are provided by Truist Bank, and Truist Delaware Trust Company. Securities, brokerage accounts and /or insurance (including annuities) are offered by Truist Investment Services, Inc., and/or P.J. Robb Variable, LLC., which are SEC registered broker-dealers, members  FINRA, SIPC, and a licensed insurance agency where applicable. Investment advisory services are offered by Truist Advisory Services, Inc., GFO Advisory Services, LLC, Sterling Capital Management, LLC, and Precept Advisory Group, LLC, each SEC registered investment advisers. Sterling Capital Funds are advised by Sterling Capital Management, LLC. Insurance products and services are offered through McGriff Insurance Services, LLC. Life insurance products are offered through Truist Life Insurance Services, a division of Crump Life Insurance Services, LLC., AR license #100103477. Both McGriff and Crump are wholly owned subsidiaries of Truist Insurance Holdings, Inc.

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  • Multilingual teammates available at our Multicultural Banking Centers
  • Materials for some products and services are available in Spanish, Korean, Vietnamese, Mandarin, and other languages spoken in the communities we serve.
  • Phone assistance in Spanish at 844-4TRUIST (844-487-8478), option 9. For assistance in other languages please speak to a representative directly.

New York City residents:

Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at http://www.nyc.gov/dca.

  • Limited English Proficiency Support
  • New York City residents

Borrowers with Limited English Proficiency (LEP) needing information can use the following resources:

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