Keep More of Your Money for Planned Medical Expenses
Save pre-tax dollars to pay for qualified medical expenses. Cash stored in a Health Savings Account earns a higher rate than standard savings — and you can withdraw money for health care costs as often as you like, tax-free.*
Tax deductions when you contribute to your account
Tax-free earnings through investment
Tax-free unlimited withdrawals for qualified medical, dental, vision expenses, and more*
Do you qualify for an HSA?
Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.
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Health Savings Explained: How It Works
A Health Savings Account (HSA) allows you to make tax-deductible contributions into the account. You can use the savings to pay for qualified medical expenses for you and your qualified dependents.
Yes! HSAs come with a free debit card to make purchases on qualified expenses, whether online or in-person, easy and convenient.
A Health Savings Account is an account designed to work with a high-deductible health plan.
Interest is both compounded and credited monthly.
Your HSA and all contributions belong to you. You can contribute to the account as long as you remain eligible. Plus, you can continue to spend your contributions tax-free for qualified medical expenses as needed, including through retirement.
Yes, but the annual IRS contribution limit will still apply to the total amount you contribute to all your HSA accounts.
The IRS sets HSA contribution limits each year. For 2022, HSA contribution limits are S3,650 for individual health plans and S7,300 for family plans. For 2023, HSA contribution limits are S3,850 for individual plans and S7,750 for family plans. If you're age 55 or older, you may also be eligible to make an additional catch-up contribution annually. If you have an employer-sponsored HSA, any contributions made by your employer will count toward these limits. See IRS Publication 969 for more on annual HSA contribution limits.
Yes, the interest rate on this account is variable and can change.
Annual percentage yield, or APY, is a calculation of the rate of return for your deposit over a one-year period that includes the interest rate plus compounding frequency. At OMB, you earn interest on a Health Savings Account monthly.
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