The easy way to save for and pay for healthcare expenses
Looking for a better way to cover your healthcare costs? Check out the advantages of a Health Savings Account (HSA) from Summit and get answers to common questions. HSAs are a tax-advantaged savings account you can use to pay for qualified medical expenses.
Qualified Medical Expenses Covered by HSA
You can use an HSA to pay for a variety of qualified medical expenses including:
- Co-pays
- Prescriptions
- Vision and dental expenses
- Over-the-counter medications as prescribed by a physician
- And much more!
All Summit HSAs include a no-fee debit card - an easy way to pay for many of your qualified healthcare expenses. Learn more about HSAs.
Plan for future healthcare expenses
Know there’s a medical procedure in your future or want to save for healthcare costs in retirement? HSAs can be a great way to do both.
- Roll savings over from one year to the next with no limits or penalties
- No “use it or lose it” rules (like flex savings accounts)
HSA Tax Advantages
You won’t get hit with taxes on the money you save and earn in your HSA:
- Tax-deductible contributions – or pretax if made through payroll deductions
- Tax-free interest
- Tax-free withdrawals (when used for qualified medical expenses)
Create the best savings plan for you
As the account owner, you get to decide:
- How much you’ll contribute each year
- When to spend vs. save the money in your account
-
2023 CONTRIBUTION LIMITS
-
CoverageContribution Limit
-
Self-only$3,850
-
Family$7,750
-
Catch-up for Age 55+$1,000
Plan how to reach your health savings account goal with our online calculator.
Plus, because you own your HSA, the money is yours even if you switch jobs or retire.
HSA Eligibility
To be eligible for an HSA you:
- Must be covered by a high deductible health plan (HDHP)
- Can’t be enrolled in Medicare
- Cannot be claimed as a dependent on someone else’s tax return for the previous year
- Cannot be covered by a non-HDHP
Use our online calculator to compare health savings accounts to traditional health plans. Please consult with your HR department and tax advisor to determine if these accounts are available and a good fit for your needs.
MANAGE YOUR HEALTH SAVINGS ACCOUNT
| Minimum Balance to Earn APY | Dividend Rate | ANNUAL PERCENTAGE YIELD | |
| $0 | 0.06% | 0.06% |
|
| $2,500 | 0.07% | 0.07% |
|
| $5,000 | 0.09% | 0.09% |
|
| $10,000 | 0.10% | 0.10% |
|
HEALTH SAVINGS ACCOUNT OR TRADITIONAL HEALTH PLAN?
Health Savings Accounts (HSA) offer an opportunity for you to build tax-free savings to pay for current and future qualified medical expenses.
REACH YOUR HEALTH SAVINGS ACCOUNT GOAL
You can use a Health Savings Account (HSA) to boost retirement savings earmarked to cover medical expenses in retirement.
CALCULATE YOUR LONG TERM CARE NEEDS
As you or a loved one, grows older, long-term care might be required if you or they can no longer perform the essential daily tasks required to take care of oneself.
If you are interested in going down the self-insurance path, you will need to save the appropriate amount of money to meet your long-term care needs.
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