For 2020, if you have self-only HDHP coverage, you can contribute up to $3,550.00. If age 55 or older you can contribute $4,550.00.
If you have family HDHP coverage, you can contribute up to $7,100.00. If age 55 or older you can contribute $8,100.00.
Source: Ascensus, Inc. (2019). - Health Savings Accounts, An HSA is more than just a savings account for medical expenses [Brochure]. (N.P.)
Certain requirements must be meet to be eligible for an HSA (Health Savings Account); most importantly, you must be covered under a high deductible health plan (HDHP). An HDHP generally has lower premiums than other types of health plans, but also has higher deductibles. Until your deductible is met, you must pay for all your medical expenses - expect for preventive care, which is almost always covered. Assuming your HDHP is HSA - compatible, you can use your HSA assets to pay for these expenses.
With an Open Deposit Health Savings Account, you can make deposits at your convenience or set-up automatic transfers each month.
HSA (Health Savings Accounts) Checking Accounts allow you to write out checks or use your Visa Debit Card* to pay for your medical expenses.
HSA Checking Accounts are non-interest-bearing accounts.
*Must meet qualifications for Visa Debit Card.
Earn a greater return on your money. Health Savings Accounts Share Certificates are available for fixed terms with a minimum of $500.