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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. HSAs are a tax-advantaged savings account you can use to pay for qualified medical expenses.

     

Build savings to cover medical expenses

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.

 


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)

 


Save on taxes

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
  • 2018 CONTRIBUTION LIMITS
  • Coverage
    Contribution Limit
  • Self-only
    $3,450
  • Family
    $6,900


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. 

 

HEALTH SAVINGS ACCOUNT
Rates Effective December 11, 2018
Open An Account
Minimum Balance to Earn APY Dividend Rate ANNUAL PERCENTAGE YIELD
$0 0.55% 0.55%
$2,500 0.75% 0.75%
$5,000 0.95% 0.95%
$10,000 1.15% 1.15%
Frequently Asked Questions