What you need to do to open a Chase HSA

You can open a Chase HSA online in about 15 minutes if you already have a Chase bank account. If you don't, you'll need to open a checking or savings account first—that takes another 10 to 15 minutes. The entire process happens on Chase's website or in the mobile app; you don't need to visit a branch.

Chase offers HSAs through a partnership with Benefit Resource, which handles the account administration. You'll set up the HSA itself through Chase's website, but the actual account is managed by Benefit Resource on the back end. This matters because customer service calls about your HSA go to Benefit Resource, not to Chase directly.

You must be enrolled in a high-deductible health plan (HDHP) to open an HSA. Chase will ask you to confirm this during setup. If you're not currently on an HDHP, you cannot open an HSA—the IRS requires this as a condition of the account.

Key Takeaways

  • You need an existing Chase bank account and enrollment in a high-deductible health plan to open a Chase HSA online.
  • The setup takes 15 minutes and happens entirely on Chase's website or app—no branch visit required.
  • Chase HSAs come with a debit card for medical purchases and allow you to invest unused funds in mutual funds and stocks.
  • You can contribute up to $4,150 per year if you have individual coverage, or $8,300 if you have family coverage (2024 limits; these change annually).
  • Benefit Resource handles day-to-day account administration, so questions about your balance or transactions go to them, not Chase.

What you'll need before you start

Gather these items before you log in to Chase's website or app: your Social Security number, date of birth, and current address. You'll also need to know your health plan details—specifically, your plan's deductible amount and whether it's individual or family coverage. This information is on your health plan documents or your insurance company's website.

If you don't have a Chase bank account yet, you'll create one first. Chase will ask for a government-issued ID (driver's license or passport), your Social Security number, and an initial deposit. The minimum opening deposit varies; check Chase's current requirements on their website. Once your bank account is active, you can immediately move to opening the HSA.

You do not need to bring anything to a branch. The entire process is digital.

The step-by-step process to open your account

Step 1: Log in to Chase online or open the mobile app. Go to chase.com or open the Chase Mobile app on your phone. Sign in with your username and password. If you don't have a Chase account yet, select "Open an account" and complete the bank account setup first.

Step 2: Navigate to the HSA section. Once logged in, look for "Invest" or "Accounts" in the main menu. Find the link for "Health Savings Account" or "HSA." Chase's layout changes periodically, so if you can't find it immediately, use the search function and type "HSA."

Step 3: Confirm your HDHP enrollment. Chase will ask you to confirm that you're enrolled in a high-deductible health plan. You'll select your plan type (individual or family) and enter your plan's deductible amount. This is not a verification step—Chase doesn't contact your insurance company. You're confirming this for your own records and to comply with IRS rules.

Step 4: Choose your contribution method. Decide whether you want to contribute through payroll deduction (if your employer offers it), make manual deposits yourself, or both. If you choose payroll deduction, you'll need to contact your employer's HR department separately to set that up—Chase doesn't do this for you.

Step 5: Set up your debit card. Chase will offer you a debit card linked to your HSA. Accept it and choose whether to have it mailed to your address or pick it up at a branch. The card typically arrives in 7 to 10 business days.

Step 6: Review and confirm. Check all your information one more time. Once you submit, your HSA is open and ready to use. You can begin making contributions immediately, though the debit card won't arrive for about a week.

Contribution limits and how much you can put in

The IRS sets annual contribution limits that change each year. For 2024, you can contribute up to $4,150 if you have individual health coverage, or $8,300 if you have family coverage. If you're 55 or older, you can add an extra $1,000 per year (called a catch-up contribution). These limits reset on January 1 each year.

You can contribute through payroll deduction, by transferring money from your Chase bank account, or by mailing a check to Benefit Resource. Payroll deduction is the most common method because contributions come out before taxes, reducing your taxable income. If you contribute on your own, you'll claim the deduction on your tax return.

You don't have to contribute the full limit. Contribute whatever amount makes sense for your medical expenses and budget. Unused money rolls over year to year—there's no "use it or lose it" rule like there is with flexible spending accounts (FSAs).

Using your HSA debit card and managing the account

Once your debit card arrives, you can use it at pharmacies, doctor's offices, hospitals, and other medical providers. The card works like a regular debit card, but it's only supposed to be used for may have access to medical expenses. These include copays, coinsurance, deductibles, prescription drugs, dental work, vision care, and many over-the-counter medications (though not all—check the IRS list).

If you use the card for a non-may have access to expense, you'll owe taxes on that amount plus a 20% penalty. Chase and Benefit Resource don't police every transaction, but if you're audited, the IRS will review your HSA spending. Keep receipts for everything you buy with the card.

You can also withdraw money from your HSA and pay for medical expenses out of pocket, then reimburse yourself later. Some people do this to let their HSA grow as an investment account. You have no time limit on reimbursing yourself—you can withdraw money years later for expenses you paid for today, as long as you have documentation.

Investment options and growing your HSA balance

Chase HSAs come with a cash account, but you can also invest your balance in mutual funds and individual stocks through Benefit Resource. This is optional—you don't have to invest anything. Money in the cash account earns interest, though the rate is typically low.

If you want to invest, you can move money from your cash balance into investment options. Benefit Resource offers a selection of mutual funds and ETFs. You can set up automatic monthly transfers to an investment account, or move money manually whenever you want. Any earnings from investments are tax-free as long as you use the money for may have access to medical expenses.

Investment options are useful if you're young, healthy, and don't expect to use much of your HSA balance in the near term. The longer your money sits invested, the more time it has to grow. However, if you need the money soon for medical expenses, keep it in the cash account where it's accessible immediately.

What happens after your account opens

Your HSA is active immediately after you complete the setup, even if your debit card hasn't arrived yet. You can start making contributions right away through bank transfers or payroll deduction. Benefit Resource will send you a welcome packet with your account number and instructions for using the account.

You'll receive an annual statement from Benefit Resource showing all contributions, withdrawals, and investment activity. Keep this for your tax records. You'll also get a Form 1099-SA at tax time if you withdrew money from your HSA, which you'll need to file with your tax return.

If you change jobs or lose your HDHP coverage, your HSA stays open and the money remains yours. You can't make new contributions once you're no longer on an HDHP, but you can continue to withdraw money for may have access to medical expenses tax-free. If you withdraw money for non-medical reasons after age 65, you'll owe taxes but not the 20% penalty.

Frequently Asked Questions

Can I open a Chase HSA if I don't have a Chase bank account?

No. You must have an existing Chase checking or savings account to open an HSA through Chase. If you don't have one, you'll need to open a bank account first. This takes about 10 to 15 minutes and can be done online at the same time you set up your HSA.

What if my employer already offers an HSA through a different bank?

You can only have one HSA at a time. If your employer has set up an HSA through another provider, you cannot open a second one with Chase. If you want to switch to Chase, you'll need to roll over your existing HSA balance to Chase through a trustee-to-trustee transfer. Contact your current HSA provider and Chase to arrange this.

How long does it take to use my HSA after I open it?

Your account is ready to use immediately. You can make transfers from your Chase bank account or set up payroll deduction right away. Your debit card typically arrives in 7 to 10 business days. Until it arrives, you can pay for medical expenses out of pocket and reimburse yourself from your HSA through a bank transfer.

What if I'm no longer on a high-deductible health plan?

You can keep your HSA open and continue to withdraw money for may have access to medical expenses tax-free. You just can't make new contributions. If you switch back to an HDHP later, you can resume contributions. If you withdraw money for non-medical reasons, you'll owe income tax on the amount, plus a 20% penalty if you're under 65.

Who do I call if I have questions about my HSA?

Contact Benefit Resource, not Chase. They handle all HSA administration. You'll find their phone number on your account statements and in the welcome materials. Chase customer service can help you with your bank account, but HSA-specific questions go to Benefit Resource.