Health Savings Account

An easy, tax-advantaged way to pay for qualified medical expenses

Select your state to see details for your location.

Benefits

  • Make tax-deductible contributions, up to the annual contribution limit
  • Pay for qualified medical expenses with tax-free withdrawals
  • Enjoy the convenience of BB&T Benefits Access debit card
  • Carry over funds in your Health Savings Account (HSA) from year to year
  • Keep your HSA account even if you change jobs

Extras

  • Option for one-time direct transfer from your Individual Retirement Account (IRA) to your HSA
  • Mutual Fund Investment Sweep available for balances over $3,000 with a minimum transfer of $500
  • Tiered interest rates
  • Easy management with monthly account statements, quarterly for Mutual Fund Investment Sweep option
  • Receipt capture and filing for HSA transactions in U by BB&T®

Pricing

  • No minimum balance requirement
  • No set-up fee
  • No transaction fees
  • Monthly maintenance fee of $3 or less, depending on your state of residence

Learn more about our HSA Pricing Guide (PDF).

Read our HSA Custodial Agreement (PDF).

Notice of Changes to Mutual Fund Investment Options (PDF).

See all pricing and fees.

Eligibility

To be eligible for a Health Savings Account, you must be covered by a High-Deductible Health Plan (HDHP).  For 2020, generally, an HDHP is a health plan with these features:

  • A deductible of at least $1,400 for single coverage and at least $2,800 for family coverage
  • A maximum annual out-of-pocket expense limit for allowed costs not exceeding $6,900 for single coverage and $13,800 for family coverage

Also, you must not be:

  • Covered by any other health plan other than another HDHP (with limited exceptions)
  • Eligible to be claimed as a dependent on another person's tax return
  • Enrolled in Medicare

Contribution limits

The annual maximum HSA contribution limit changes January 1 of each calendar year based on the Consumer Price Index.

2020 annual contribution limits

  • Single coverage: $3,550
  • Family coverage: $7,100

2019 annual contribution limits

  • Single coverage: $3,500
  • Family coverage: $7,000

Additional information

  • If you're 55 or older at any time during the tax year, you may be eligible to make a catch-up contribution of $1,000 per year
  • Contributions to other HSAs in your name and to the Archer Medical Savings Accounts (MSAs) in your name count toward your contribution limit

Qualified medical expenses

HSA funds can be used to pay for qualified medical expenses that aren't reimbursed by insurance or otherwise reimbursed, including:

  • Medical services (fees and expenses charged by physicians, surgeons, specialists and other health care providers)
  • Dental treatment (including fillings, extractions, braces and x-rays)
  • Eye examinations, glasses, contact lenses, surgery
  • Prescription medicines
  • Psychiatric care

Funds may be used for qualified medical expenses for your spouse or dependents, even if they aren't covered by the High-Deductible Health Plan.

Investment options

After your HSA account reaches a cash balance of $500 in excess of $3,000 (the HSA investment threshold amount), you'll have the opportunity to invest in a set menu of mutual funds by setting up an HSA Mutual Fund Investment Sweep subaccount.

You'll be able to make selections from the list of available mutual funds(opens in a new tab). ,

Have additional questions?

Find answers to frequently asked questions about HSAs.

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Not convinced that a Health Savings Account is right for you?

Select your state

Select your state for location-specific product information.

Learn more about your account, including fees and ways you can avoid them.

  • 1

    See the HSA Custodial Agreement (PDF).

    Notice of Changes to Mutual Fund Investment Options (PDF)

  • 2

    Investment solutions are provided by Truist Bank. Mutual funds and other investments are: not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States Government, Truist Bank, or any affiliate; not deposits or other obligations of Truist Bank or any affiliate; subject to investment risks, including possible loss of the principal amount invested and any investment gains.

    An investor should consider the fund's investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund's prospectus. To obtain more information, please call 888-777-3783 or view a detailed list of all available mutual funds(opens in a new tab), including links to a prospectus for each fund. Please read the prospectus carefully before investing.

  • 3

    See the HSA Pricing Guide (PDF) for current applicable fees. 

  • 4

    Other criteria may apply. Consult your health insurance provider or tax advisor.

  • 5

    Sales charges are waived for funds held in a BB&T custodial account. As such, the purchase of mutual fund shares through the BB&T Health Savings Account (HSA) feature is exempt from sales charges (no load). An online prospectus for each available mutual fund provides additional information. View a detailed list of all available mutual funds(opens in a new tab), including links to a prospectus for each fund.

The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.

Investment and Insurance Products:

• Are not FDIC or any other Government Agency Insured • Are Not Bank Guaranteed • May Lose Value

Truist, BB&T®, BB&T Securities®, BB&T Sterling Advisors, Sterling Capital®, BB&T Investments, BB&T Scott & Stringfellow®, SunTrust®, SunTrust PortfolioView, SunTrust Robinson Humphrey®, SunTrust Premier Program®, AMC Pinnacle®, AMC Premier®, Access 3®, Signature Advantage Brokerage, Custom Choice Loan®, SunTrust SummitView® and GFO Advisory Services® are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of Truist Financial Corporation: Banking products and services, including loans and deposit accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, and SunTrust Delaware Trust Company. Securities, brokerage accounts and /or insurance (including annuities) are offered by SunTrust Investment Services, Inc. and BB&T Securities, LLC, and P.J. Robb Variable Corp., which are SEC registered broker-dealers, members FINRA, SIPC, and a licensed insurance agency where applicable.  Investment advisory services are offered by SunTrust Advisory Services, Inc., GFO Advisory Services, LLC, BB&T Securities, LLC, Sterling Capital Management, LLC, Precept Advisory Group, LLC, and BB&T Institutional Investment Advisors, Inc., each SEC registered investment advisers.  BB&T Sterling Advisors, BB&T Investments and BB&T Scott & Stringfellow are divisions of BB&T Securities, LLC.   Mutual fund products are advised by Sterling Capital Management, LLC. Mortgage products and services are offered through SunTrust Mortgage, a tradename for SunTrust Bank now Truist Bank.

The information contained herein is for informational purposes only and does not represent an official statement of your SunTrust Investment Services, Inc. account. Please refer to your monthly or quarterly statements for a complete record of your transactions, holdings, and balances.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of Truist Financial Corporation: SunTrust Bank now Truist Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, GenSpring, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups are marketing names used by SunTrust Bank now Truist Bank, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.

Branch Banking and Trust Company is a Member FDIC and an Equal Housing Lender. 

Branch Banking and Trust Company is now Truist Bank. Learn more.

BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.

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