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

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 2019, generally, an HDHP is a health plan with these features:

  • A deductible of at least $1,350 for single coverage and at least $2,700 for family coverage
  • A maximum annual out-of-pocket expense limit for allowed costs not exceeding $6,750 for single coverage and $13,500 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.

2019 annual contribution limits

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

2018 annual contribution limits

  • Single coverage: $3,450
  • Family coverage: $6,900

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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U by BB&T: My Receipts (Mobile App)  (Video)

See how the My Receipts feature allows you to collect, view and manage your receipts all in one place in U by BB&T.

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

Select your state

Select your state for location-specific product information.

See our Bank Services Agreement (PDF) for more information.

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

  • 1

    See the HSA Custodial Agreement (PDF)(opens in a new tab).

    Notice of Changes to Mutual Fund Investment Options (PDF)

  • 2

    Investment solutions are provided by Branch Banking and Trust Company. Mutual funds and other investments are: not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States Government, Branch Banking and Trust Company, or any affiliate; not deposits or other obligations of Branch Banking and Trust Company 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)(opens in a new tab) 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.

Securities, Investments and Insurance Products or Services are: NOT A DEPOSIT • NOT FDIC-INSURED • NOT GUARANTEED BY A BANK • NOT INSURED BY ANY STATE OR FEDERAL GOVERNMENT AGENCY • MAY GO DOWN IN VALUE

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