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

You cannot open an HSA directly at a Chase bank branch or through Chase's main website. Instead, Chase partners with Lively, a third-party HSA administrator, to offer HSA accounts to Chase customers. When you open an HSA through this partnership, Lively handles the account administration, investment options, and debit card, while Chase may provide the underlying bank account or custodial services depending on your plan.

The process starts on Lively's website or app, not Chase's. You will need to verify that you are enrolled in a high-deductible health plan (HDHP) through your employer or the individual market, because HSA may be able to access depends on your health insurance type, not your bank. Once you confirm your HDHP coverage, you can proceed with opening the account.

The entire process typically takes 5 to 10 business days from submission to funding. You will receive a debit card and online access to manage your account, make contributions, and track your balance.

Key Takeaways

  • Chase HSA accounts are opened through Lively, a separate HSA administrator, not through Chase directly.
  • You must be enrolled in a high-deductible health plan (HDHP) to open an HSA; Chase will not verify this for you, so confirm your plan type with your employer or insurance provider first.
  • The application takes place on Lively's platform and requires personal information, Social Security number, and proof of HDHP enrollment.
  • After approval, you can contribute money through payroll deduction, bank transfer, or check, and use the debit card for may be able to access medical expenses.

Verify your HDHP enrollment before you start

An HSA is only available to people enrolled in a high-deductible health plan. Your employer's health insurance, a marketplace plan, or a private plan must meet the IRS definition of an HDHP: a deductible of at least $1,550 for individual coverage or $3,100 for family coverage (these amounts change annually). If you are unsure whether your plan qualifies, check your plan documents or call your health insurance company directly.

If you do not have an HDHP, you cannot open an HSA at Chase or anywhere else. Some employers offer both standard plans and HDHPs during open enrollment, so you may be able to switch plans during the next enrollment period if you want HSA access.

Go to Lively and start the application

Visit Lively's website or download the Lively app. Look for the option to open a new HSA account. You will be asked to select Chase as your bank or custodian if that option appears, or you may be directed to Chase's HSA product page within Lively's flow.

Lively will ask you to provide your name, date of birth, Social Security number, address, and employment information. Have your health insurance details ready: your plan name, the name of your insurance company, and your policy number. You will also need to confirm the type of coverage (individual, family, etc.) and your plan's deductible amount.

Do not guess at your plan details. If you provide incorrect information about your HDHP, your account may be rejected or flagged for review, which delays funding. If you are unsure, contact your employer's benefits department or your insurance company before completing the application.

Choose your contribution method and investment options

Once your account is approved, you can fund it in several ways. Payroll deduction is the most common: your employer deducts money from your paycheck before taxes and deposits it directly into your HSA. This saves you the most in taxes because the contribution reduces your taxable income. Ask your employer's payroll or benefits team whether they support HSA payroll deductions and what forms you need to complete.

If payroll deduction is not available, you can make bank transfers from your Chase checking or savings account to your HSA. You can also mail a check to Lively. Contributions made outside payroll are still tax-deductible when you file your taxes, but you will need to report them yourself on Form 8889 when you file.

Lively typically offers investment options for HSA funds, such as money market accounts, mutual funds, or target-date funds. You can keep your balance in a cash account if you prefer, or invest it for long-term growth. Choose based on when you think you will need the money: cash for near-term medical expenses, investments for retirement-level HSA balances.

Receive your debit card and set up online access

After your account is funded, Lively will mail you a debit card. This card works like a regular debit card but can only be used for may have access to medical expenses: copays, deductibles, prescriptions, dental work, vision care, and other costs defined by the IRS. The card will not work at a grocery store or gas station.

You will also receive login credentials for Lively's online portal or app. Log in to view your balance, track transactions, download statements, and manage your account settings. You can also set up alerts for low balances or unusual activity.

Keep your receipts for all medical expenses paid with the HSA debit card. The IRS does not require you to submit receipts with your tax return, but you must keep them for your own records in case of an audit. If you use the card for a non-medical expense by mistake, you can request a reversal from Lively, but it is easier to avoid the mistake in the first place.

Understand contribution limits and annual deadlines

The IRS sets annual contribution limits for HSAs. For 2024, the limit is $4,150 for individual coverage and $8,300 for family coverage (these amounts change each year). If you enroll in an HSA mid-year, your contribution limit is reduced proportionally. Your employer may also set a lower limit, so check your benefits documents.

You can contribute until April 15 of the following year for the previous tax year. For example, you can make 2024 contributions until April 15, 2025. This is called the tax-filing deadline extension. After April 15, any contributions are treated as contributions for the current year.

If you contribute more than the annual limit, you will owe taxes and a 20 percent penalty on the excess amount. Lively tracks your contributions and will alert you if you are approaching the limit, but the responsibility to stay under the limit is yours.

What to do if your application is rejected

Lively may reject your application if the information you provided does not match IRS records, if your Social Security number cannot be verified, or if your health plan does not meet the HDHP definition. You will receive a notice explaining the reason.

If the rejection is due to incorrect personal information, you can reapply with corrected details. If it is because your plan is not an HDHP, you will need to switch to an HDHP-may be able to access plan before you can open an HSA. If verification failed, contact Lively's customer service to resolve the issue; sometimes a simple mismatch in how your name appears on file can be corrected with a phone call.

You can also contact Chase directly if you believe there is an error related to the Chase bank account or custodial relationship, though most issues are handled by Lively.

Frequently Asked Questions

Can I transfer an existing HSA from another bank to Chase?

Yes. If you already have an HSA with another provider, you can request a direct transfer (called a trustee-to-trustee transfer) to your new Chase HSA through Lively. Contact your old HSA provider and ask for a transfer form. The process usually takes 2 to 4 weeks. Do not withdraw the money yourself; a direct transfer avoids taxes and penalties.

What happens to my HSA if I leave my job?

Your HSA stays yours. It is not tied to your employer. You can keep the account open, continue to use the debit card for medical expenses, and make contributions if you are still enrolled in an HDHP through a spouse's plan or the individual market. If you lose HDHP coverage, you can no longer contribute, but you can still spend the balance on medical expenses tax-free.

Can I use my HSA debit card for over-the-counter medications?

Only if you have a prescription. Over-the-counter medications like pain relievers or cold medicine are not may have access to expenses unless your doctor writes a prescription for them. Vitamins and supplements are also not covered. The debit card may decline the purchase, or you may need to pay out of pocket and request reimbursement from Lively with a receipt and prescription.

How do I report HSA contributions on my taxes?

If you contributed through payroll deduction, your employer reports it on your W-2 form, and you do not need to do anything. If you made contributions outside payroll, you must report them on Form 8889 (Health Savings Accounts) when you file your tax return. Lively will send you a Form 5498-SA in January showing your contributions for the previous year.

Is there a monthly fee for a Chase HSA?

Chase does not charge a monthly fee for the HSA itself, but Lively may charge maintenance fees, investment fees, or transaction fees depending on your account type and activity level. Review Lively's fee schedule when you open the account. Some employers subsidize or waive HSA fees as part of their benefits package, so ask your benefits team.