Chase offers HSA accounts through a partnership with HealthEquity, and you can open one online in about 15 minutes if you have an may be able to access high-deductible health plan

Chase does not issue HSAs directly. Instead, Chase Bank partners with HealthEquity, a third-party HSA custodian, to offer HSA accounts to its customers. When you open a Chase HSA, you are actually opening an account with HealthEquity that is branded as a Chase product. The account comes with a Chase debit card for medical expenses and the ability to invest unused funds in mutual funds or keep them in a cash account.

You need three things to open one: proof that you are enrolled in a high-deductible health plan (HDHP), a Social Security number, and a Chase online banking login or the ability to create one. The entire process happens online through Chase's website or the Chase mobile app. There is no branch visit required, and you do not need to have an existing Chase checking or savings account, though most people who open an HSA with Chase do.

Key Takeaways

  • Chase HSAs are managed by HealthEquity, not Chase Bank itself, so your account statements and customer service come from HealthEquity even though the card says Chase.
  • You must be enrolled in a high-deductible health plan with a deductible of at least $1,500 for individual coverage or $3,000 for family coverage to open an HSA.
  • The online application takes 10 to 15 minutes and requires your health plan details, Social Security number, and proof of HDHP enrollment.
  • Once approved, you can fund the account immediately through bank transfer, payroll deduction, or by mailing a check to HealthEquity.
  • Chase HSA accounts charge no monthly maintenance fee, but HealthEquity charges investment fees if you choose to invest your balance.

What counts as an may be able to access high-deductible health plan

An HDHP is a specific type of health insurance with a higher deductible and lower premiums than traditional plans. For 2024, the IRS defines an HDHP as a plan with a deductible of at least $1,500 for individual coverage or $3,000 for family coverage. Your plan must also have an out-of-pocket maximum of no more than $7,750 for individual coverage or $15,500 for family coverage. These limits change each year, so check your plan documents or call your health insurance company to confirm your plan qualifies.

Most plans sold through the Affordable Care Act marketplace, employer group plans, and individual plans purchased directly from insurers can be HDHPs. Medicare, Medicaid, TRICARE, and Veterans Affairs coverage do not count as HDHPs. If you are unsure whether your plan qualifies, your insurance company's customer service line can tell you in one call, or you can check your plan's summary of benefits and coverage document.

Steps to open a Chase HSA online

Start by going to chase.com and logging into your Chase online banking account. If you do not have a Chase login, you can create one during the HSA application process. Look for the HSA option under the Accounts or Products section, or search "HSA" in the Chase website search bar. Click on the option to open a new HSA account.

The application will ask for your name, date of birth, Social Security number, and current address. You will then need to provide details about your health plan: the name of your insurance company, your plan type, your deductible amount, and your coverage type (individual or family). Have your insurance card or a recent explanation of benefits handy so you can fill in these details accurately. The system will verify your HDHP enrollment with your insurance company, which usually takes a few minutes but can take up to one business day.

Once your HDHP is verified, you will choose how to fund your account. You can link a bank account for transfers, set up payroll deduction through your employer, or mail a check. If you choose bank transfer, you can fund the account immediately. If you choose payroll deduction, your employer's payroll system will need to process the setup, which typically takes one to two pay periods. You will also choose whether to keep your balance in a cash account or invest it in mutual funds offered through HealthEquity.

Funding your HSA and contribution limits

You can contribute to your Chase HSA in several ways: electronic transfer from a linked bank account, payroll deduction, check by mail, or wire transfer. Payroll deduction is the most common method because contributions reduce your taxable income and your employer may match part of your contribution. If you fund through payroll, your contributions are taken out before taxes are calculated, so you save on federal income tax, Social Security tax, and Medicare tax.

The IRS sets annual contribution limits that change each year. For 2024, you can contribute up to $4,150 if you have individual HDHP coverage or $8,300 if you have family coverage. If you are 55 or older, you can add an extra $1,000 per year. These limits apply to all HSA contributions combined, whether you contribute through Chase, your employer, or another HSA provider. If you contribute more than the limit, you will owe taxes and a 20% penalty on the excess amount. HealthEquity tracks your contributions and will alert you if you are approaching the limit.

How to use your Chase HSA debit card

Once your account is open and funded, Chase will mail you a debit card linked to your HSA. The card works like a regular debit card but can only be used for may have access to medical expenses. may have access to expenses include copays, coinsurance, deductibles, prescription medications, dental work, vision care, mental health treatment, and medical equipment like crutches or blood pressure monitors. The IRS publishes a full list of may have access to expenses on its website.

When you swipe the card at a pharmacy, doctor's office, or medical supplier, the transaction is deducted from your HSA balance. Some merchants, especially smaller practices, may not recognize the card as an HSA card and may decline it. If that happens, you can pay out of pocket and then request reimbursement from HealthEquity by submitting a receipt. Keep all receipts for three years in case the IRS audits your account.

If you use your HSA debit card for a non-medical expense, HealthEquity will flag the transaction and may block it. If a non-medical transaction goes through, you will owe income tax on that amount plus a 20% penalty. You can dispute a transaction through the HealthEquity app or by calling HealthEquity customer service.

Fees and account maintenance

Chase HSA accounts have no monthly maintenance fee or annual account fee. However, if you choose to invest your HSA balance in mutual funds, HealthEquity charges investment management fees that vary depending on which funds you select. These fees typically range from 0.10% to 0.50% per year of your invested balance. If you keep your balance in the cash account, you pay no investment fees, though you also earn minimal interest.

HealthEquity charges a fee if you request a paper statement or if you make a wire transfer out of your account. These fees are usually $3 to $5 per transaction. You can avoid these fees by using the HealthEquity app or website to view statements and by using electronic transfers instead of wire transfers when possible.

What happens if you lose HSA may be able to access

If you switch to a health plan that is not an HDHP—such as a traditional PPO or HMO—you lose HSA may be able to access immediately. You can no longer contribute to your HSA, but you can keep the account open and continue to use the balance for may have access to medical expenses. The money in your account is yours to keep and does not disappear. You can withdraw funds for non-medical expenses at any time, but you will owe income tax on the withdrawal plus a 20% penalty if you are under 65.

If you turn 65, you become may be able to access for Medicare, which disqualifies you from making new HSA contributions. However, you can continue to use your existing HSA balance for may have access to medical expenses, including Medicare premiums and long-term care insurance premiums. After 65, withdrawals for non-medical expenses are taxed as income but do not incur the 20% penalty.

Frequently Asked Questions

Do I need a Chase checking account to open a Chase HSA?

No. You can open a Chase HSA without having any other Chase account. However, you will need to provide a bank account to link for transfers, and that account can be at any bank. Most people link their primary checking account, whether it is at Chase or elsewhere.

How long does it take to get approved for a Chase HSA?

The application itself takes 10 to 15 minutes to complete. Verification of your HDHP enrollment usually happens within a few minutes, but can take up to one business day. Once approved, you can fund your account immediately if you choose electronic transfer. The physical debit card arrives by mail within 7 to 10 business days.

Can I have more than one HSA?

You can have multiple HSA accounts, but your total contributions across all accounts cannot exceed the annual IRS limit. If you have two HSAs and contribute to both, you must track your total contributions to avoid exceeding the limit and triggering taxes and penalties. Most people keep one HSA to simplify tracking.

What if my employer also contributes to my HSA?

Employer contributions count toward your annual limit. If your employer contributes $2,000 and you contribute $2,000, your total is $4,000, which is within the 2024 individual limit of $4,150. HealthEquity tracks both your contributions and your employer's contributions, so you do not have to calculate this yourself.

Can I transfer my HSA from another provider to Chase?

Yes. You can roll over or transfer funds from an HSA at another bank or custodian to your Chase HSA. This is called a trustee-to-trustee transfer and does not count as a withdrawal or contribution. Contact your current HSA provider and ask them to transfer your balance to HealthEquity. The transfer usually takes 5 to 10 business days. You can do this once per year per HSA.