Health Savings Account

A health savings account (HSA) is an easy,
tax-advantaged way to pay for qualified
medical expenses.

  • Tax-deductible contributions1
  • Tax free withdrawals1
  • Tiered interest rates

Benefits

Take advantage of these great benefits:

  • Tax-deductible contributions, up to the annual contribution limit1
  • Tax-free withdrawals for qualified medical expenses1
  • Tiered interest rates
  • Earnings are tax free1 when used for qualified medical expenses
  • Funds remain in HSA from year to year
  • HSA account stays even if you change jobs

 

2014 Contribution Limits

  • For single coverage, annual contribution limit of $3,300
  • For family coverage, annual contribution limit of $6,550

2014 HSA maximum annual contribution worksheet

 

2013 Contribution Limits

  • For single coverage, annual contribution limit of $3,250
  • For family coverage, annual contribution limit of $6,450

2013 HSA maximum annual contribution worksheet

 

HSA Fund Options

Your BB&T HSA provides you with the opportunity to maximize your earnings potential through a sweep of your funds into your choice of different mutual funds.2

View a detailed list of available mutual funds.

 

For more information, please call 888-777-3783 and a Client Services Associate will be happy to assist you.

 

Extras

As an HSA client, you’ll enjoy these account extras to better manage your funds:

  • BB&T Benefits Access debit card
  • Exclusively designed  checks
  • Monthly account statements, quarterly for Mutual Fund Investment Sweep option
  • Mutual Fund Investment Sweep option available for balances over $3,000 with a minimum transfer of $5003
  • BB&T OnLine® with bill payment

2014 HSA Direct Transfer options are as follows:

  • A one-time qualified HSA funding distribution is allowed from your Individual Retirement Account (IRA) into your HSA.

Pricing

An HSA account is easy to maintain with minimal fees:

  • No minimum balance requirement
  • No set-up fee
  • No transaction fees
  • Monthly maintenance fee of $3

Learn more about HSA Pricing Guide.

Read our HSA Custodial Agreement.

Eligibility

To be eligible4 for an HSA, you must be covered by a high-deductible health plan (HDHP). Generally, an HDHP is a health plan with these features:

  • A deductible of at least $1,250 for single coverage
  • A deductible of at least $2,500 for family coverage
  • A maximum annual out-of-pocket expense limit for allowed costs, not exceeding $6,350 for single coverage
  • A maximum annual out-of-pocket expense limit for allowed costs, not exceeding $12,700 for family coverage

Additionally, you must meet the following criteria:

  • You must not be covered by any other health plan other than another HDHP
    (with limited exceptions).
  • You must not be eligible to be claimed as a dependent on another person's tax return
  • You must not be enrolled in Medicare

2014 HSA eligibility worksheet

2013 HSA eligibility worksheet

FAQ

Health Savings Account Frequently Asked Questions.

The Basics

HSA Contributions

How much can I contribute to an HSA?
Can I make catch-up contributions?
Can I make my entire annual contribution to my HSA at the beginning of the year?
Who can contribute to my HSA?
Will my HSA custodian notify me if I have exceeded my allowable contribution amount?
How does the individual retirement account (IRA) transfer to my HSA work?

HSA Investments

HSA Distributions

Additional Information:

The rules governing federal income tax consequences of HSAs are very technical, so that the above description of tax consequences is general in nature and does not purport to be complete. Moreover, the law is subject to change, as are its interpretation, and application of the law may vary in individual circumstances. The consequences under applicable state or local tax law also may not be the same as under the federal income tax law. Thus, you are urged to consult with your personal tax advisor for information about the tax consequences of an HSA that would relate to your particular circumstances.

U.S. Treasury Circular 230 Notice:

This information (and any and all other information provided by the Custodian relating to your HSA Account) is not intended to be used, and cannot be used, for the purpose of avoiding U.S. federal tax-related penalties. This information (and any and all other information provided by the Custodian relating to your HSA Account) is written to support the promotion or marketing by another person of the transaction(s) and matter(s) addressed herein. Each taxpayer involved in the transactions or matters addressed in this information should seek advice, based on the taxpayer's particular circumstances, from an independent tax advisor.

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