Health Savings Account (HSA)
Tax free savings for healthcare costs1
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 medical1 expenses.
- 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.2
- Manage your money with online banking and Key Bill Pay.3
What an HSA Can Be Used For?
HSA funds can be used for the following qualified medical expenses:
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.4
- You may not be covered by any other health insurance plan (certain exceptions apply, such as dental and vision).
Relationship means you have another KeyBank checking account or a KeyBank Hassle-Free Account®, or your employer has a KeyBank business checking account and has signed the KeyBank Health Savings Account Employer Referral Agreement.
The IRS determines eligibility for HSAs. For the most up-to-date information, visit irs.gov.
Periodically Key changes fees/service charges and balance requirements. The fees/service charges and balance requirements displayed for these accounts are those in effect today. Please refer to the Personal Deposit Account Fees and Disclosures ("Disclosures") for specific fees/service charges, balance requirements, any anticipated changes and all other account information. Please note that if the fees/service charges and balance requirements displayed differ from those in the Disclosures, those in the Disclosures will apply.
If you close your account within 180 days, you will be charged an account early closure fee of $25.00.
See IRS Publication 502 for a detailed list of qualified medical expenses.
HSA checking account is provided by KeyBank National Association (KeyBank), Member FDIC.
Please read our Agreements and Disclosures. If you opened your deposit account online within the last 90 days, you may also review the original agreements and disclosures provided to you.