Health Savings Account (HSA)
Tax-free savings1 for healthcare costs
A KeyBank HSA helps you save and pay for medical costs. Your contributions are pre-tax – and your withdrawals are tax-free – giving you the full benefit of your savings.
Overview
| Annual Fee | $0 |
|---|---|
| Minimum Opening Deposit |
$0 |
| Monthly Maintenance Fee | $0 |
Features
- You and your employer can contribute to your account.
- Employee contributions are made pre-tax, and interest and withdrawals are tax-free for qualified medical expenses.2
- Your HSA is portable, so it says with you if you change employers, relocate, or are no longer employed.
- Flexibility to use funds as you need them or save them for future medical expenses.
- Funds carry over to the next year.
- Choose to invest some of your HSA savings with a KIS HSA Investment Account.3
- Manage your money with online banking4 and Key Bill Pay.
What can an HSA be used for?
HSA funds can be used for the following qualified medical expenses2:
Medical services
Including specialist consultations, preventive care, surgeries, hospital stays, laboratory tests, and X-rays.
Prescription medications
Including generic and brand-name medications.
Dental care
Such as cleanings, fillings, extractions, orthodontics, and dentures.
Vision care
Including eye exams, prescription eyeglasses, contact lenses, and necessary vision correction procedures.
Mental health services
Including therapy sessions, counseling, psychiatric consultations, and medication prescribed for mental health conditions.
Alternative therapies
Such as acupuncture, chiropractic care, naturopathy, massage therapies, and certain herbal remedies.
Qualified expenses not covered by most insurance
Over-the-counter medication, over-the-counter medical devices, guide dogs, insulin treatments, telephone or TV equipment to assist the hard-of-hearing.
Qualifications for an HSA
- Must have an HSA-qualified high deductible healthcare plan.
- Cannot be enrolled in Medicare.
- You cannot have been claimed as a dependent on someone’s taxes last year.5
- You may not be covered by any other health insurance plan (certain exceptions apply, such as dental and vision).
Consult a tax advisor regarding tax benefits.
See IRS Publication 502 for a detailed list of qualified medical expenses.
Investment products are offered through Key Investment Services LLC (KIS), member FINRA/SIPC. and SEC-registered investment advisor. Insurance products are offered through KeyCorp Insurance Agency USA, Inc. (KIA). KIS and KIA are non-bank affiliates of KeyBank National Association (KeyBank).
To learn more about KIS’s investment business, as well as our relationship with you, please review our KIS Disclosure page.
Check the background of this firm on FINRA's BrokerCheck.
Non-Deposit products are:
KIS, KIA and KeyBank are separate entities, and when you buy or sell securities and insurance products you are doing business with KIS and/or KIA, and not KeyBank.
Subject to terms and conditions in Service Agreement.
The IRS determines eligibility for HSAs. For the most up-to-date information, visit irs.gov.