Chase offers HSA accounts through a partnership with Lively, not directly through Chase Banking

Chase does not operate its own HSA (Health Savings Account) program. Instead, Chase customers can open an HSA through Lively, a third-party HSA administrator that Chase has partnered with. You set up the account through Lively's website or app, not through Chase.com or a Chase branch. The account is FDIC-insured when you keep the money in the savings portion, and you can link it to a Chase checking account for easy transfers.

The process takes about 10 to 15 minutes online. You will need your Social Security number, date of birth, and proof that you are enrolled in a high-deductible health plan (HDHP) — usually a copy of your plan documents or a letter from your employer or insurance company showing your coverage dates and deductible amount.

Once the account is open, you can fund it through payroll deduction (if your employer offers it), direct transfer from your Chase account, or ACH transfer from another bank. Lively charges no monthly fees for the basic HSA account, though some investment options may have small fund fees if you choose to invest the money rather than keep it in savings.

Key Takeaways

  • Chase HSA accounts are opened through Lively, not directly with Chase, even though Chase is the partner bank holding the funds.
  • You must be enrolled in a high-deductible health plan (HDHP) and have proof of that enrollment before you can open an account.
  • The account setup takes 10 to 15 minutes online and requires your Social Security number and birth date.
  • You can fund the account through payroll deduction, direct transfer from Chase, or ACH from another bank, and there are no monthly maintenance fees.

Verify you have an HDHP before you start

An HSA is only available to people enrolled in a high-deductible health plan. Your HDHP must meet IRS minimums: in 2024, a self-only plan must have a deductible of at least $1,600, and a family plan must have a deductible of at least $3,200. Your plan documents or your employer's benefits summary will state the deductible amount.

If you are unsure whether your current plan qualifies, contact your employer's benefits department or your insurance company directly and ask: "Does my plan meet IRS requirements for an HSA?" They can confirm in one call. You cannot open an HSA if you are on Medicare, covered by a spouse's non-HDHP plan, or claimed as a dependent on someone else's tax return.

Gather your plan documents or a letter from your employer showing your coverage start date and deductible. Lively will ask for this during signup to confirm your may be able to access.

Go to Lively and create your account

Visit Lively.com and click the button to open a new HSA. You will be asked to enter your email address, create a password, and provide your full name, date of birth, and Social Security number. Lively uses this information to verify your identity and check IRS records.

Next, you will upload or describe your HDHP coverage. Lively accepts a photo of your insurance card, a screenshot of your plan documents, or a letter from your employer stating your deductible and coverage dates. The upload takes a few seconds; Lively usually verifies it within a few hours, though it can take up to one business day.

Once verified, Lively will ask you to choose how you want to hold your money: in a savings account (earning a small interest rate, currently around 4% to 5% depending on the account tier) or split between savings and investments (stocks, bonds, or target-date funds). Most people new to HSAs start with savings only.

Link your Chase account for funding and transfers

After your HSA is open, Lively will prompt you to link a bank account for deposits and withdrawals. You can link your Chase checking account here. Provide your Chase routing number (typically 021000021 for Chase) and your account number, which you can find on a check or in Chase's mobile app under account details.

Lively will make two small test deposits to your Chase account (usually $0.01 each) within one to two business days. You will then confirm the amounts in the Lively app to verify the link. Once confirmed, you can transfer money between Lively and Chase instantly or within one business day, depending on the time of day you initiate the transfer.

If you have payroll deduction through your employer, you can also set that up separately. Ask your employer's HR or payroll department for Lively's routing and account number, and they can send your HSA contributions directly to Lively before taxes are taken out — this saves you money on federal income tax.

Fund your account and set up a debit card

You can deposit money into your HSA in several ways. The most common is payroll deduction: your employer sends a portion of your paycheck directly to Lively before income tax is calculated, which reduces your taxable income. If your employer does not offer this, you can transfer money from your Chase account using the Lively app or website.

Lively will mail you a debit card within 7 to 10 business days. This card works at pharmacies, doctor offices, and other medical providers. When you swipe it, Lively checks whether the merchant is a medical provider; if it is, the transaction goes through. If the merchant is not medical-related, the card declines. You can also use the card at an ATM to withdraw cash, though this counts as a distribution and may have tax implications if you use it for non-medical expenses.

Keep receipts for all medical expenses you pay with the HSA debit card. The IRS does not require you to submit them, but you must be able to prove the money went to may have access to medical expenses if you are ever audited. may have access to expenses include copays, deductibles, prescriptions, dental work, vision care, and many over-the-counter medications.

Understand contribution limits and tax deadlines

For 2024, you can contribute up to $4,150 to an HSA if you have self-only coverage, or $8,300 if you have family coverage. These limits change each year; Lively will show you the current limit when you open your account. If you are 55 or older, you can add an extra $1,000 per year (called a catch-up contribution).

You can contribute to your HSA from January 1 through December 31 of the tax year, or until April 15 of the following year if you are making a contribution for the prior year. If you contribute more than the limit, you will owe taxes and a 20% penalty on the excess amount, so track your contributions carefully if you are funding from multiple sources (payroll, personal transfers, employer contributions).

Lively sends you a Form 5498-SA each January showing your contributions for the prior year. You will need this form when you file your taxes if you made contributions outside of payroll deduction.

What happens if you lose your HDHP coverage

If you switch to a non-HDHP plan, Medicare, or lose coverage entirely, you can no longer contribute new money to your HSA. However, the money already in the account stays there and you can continue to withdraw it for may have access to medical expenses for the rest of your life — there is no time limit on using HSA funds.

If you withdraw money for non-medical expenses after you lose HDHP coverage, you will owe income tax on the withdrawal. Before age 65, you also owe a 20% penalty. After age 65, the penalty goes away, but you still owe income tax on non-medical withdrawals.

Lively will ask you to confirm your HDHP status each year during open enrollment. If your status changes, update it in the app right away so Lively can stop accepting contributions.

Frequently Asked Questions

Can I open a Chase HSA if I bank with a different bank?

Yes. The account is called a Chase HSA because Chase is the partner bank holding the funds, but you can open it through Lively even if you use a different bank for checking and savings. You can link your other bank account to Lively for transfers, or you can fund the HSA through payroll deduction.

What if my employer already uses a different HSA provider?

If your employer has a payroll deduction HSA through another company, you should use that provider for payroll contributions — it is simpler and you avoid duplicate accounts. You can still open a separate Chase HSA through Lively for personal contributions if you want, but track both accounts carefully to stay under the annual contribution limit.

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

Your account is usually active within a few hours of signup. You can transfer money from your Chase account immediately. The debit card arrives in 7 to 10 business days. If you are using payroll deduction, it typically starts with your next paycheck after your employer processes the setup, which can take one to two pay periods.

Can I invest my HSA money with Chase or Lively?

Lively offers investment options through mutual funds and ETFs once your account balance reaches $2,000 or more. You can choose to keep some money in savings and invest the rest. Chase does not manage the investments directly — Lively handles this through a partner. Investment options have small annual fees, usually 0.05% to 0.50% depending on the fund.

What if I need to withdraw money before I meet my deductible?

You can withdraw money from your HSA anytime for may have access to medical expenses, regardless of whether you have met your deductible. However, if you use HSA money to pay your deductible and then your insurance company pays a claim, make sure you do not double-pay. Keep receipts so you can prove the expense was may have access to and was not reimbursed by insurance.