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Health Savings Account

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

Open an account online - important

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 HSA1
  • Mutual Fund Investment Sweep available for balances over $3,000 with a minimum transfer of $5002
  • 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 residence3

 

Learn more about our HSA Pricing Guide (PDF).

Read our HSA Custodial Agreement (PDF).

Eligibility

To be eligible for a Health Savings Account, you must be covered by a High-Deductible Health Plan (HDHP).4 For 2016, generally, an HDHP is a health plan with these features:

  • A deductible of at least $1,300 for single coverage and at least $2,600 for family coverage
  • A maximum annual out-of-pocket expense limit for allowed costs not exceeding $6,550 for single coverage and $13,100 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.

2017 annual contribution limits

  • Single coverage: $3,400
  • Family coverage: $6,750

2016 annual contribution limits

  • Single coverage: $3,350
  • Family coverage: $6,750

Additional information

  • If you are 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 are not 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 are not 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 will have the opportunity to invest in a set menu of mutual funds by setting up an HSA Mutual Fund Investment Sweep subaccount.

You will be able to make selections from the list of available mutual funds (opens in a new tab).2,5

Have additional questions?

Find answers to frequently asked questions about HSAs.

Ready to get started?

In person

Locate a branch

By phone

Got questions?

800-BANK-BBT

800-226-5228

Still exploring?

U by BB&T: Goals

See how you can easily create, monitor and track savings goals with the Plan & Analyze feature in U by BB&T®.

Welcome to the demo for goals. The tool that helps you save.

Let's get started.

To create a goal, go to "Plan & Analyze," and click on "Goals." The page will provide you with some key areas to consider saving for, like you see here. Or, you can create your own custom goal.

So, let's set a goal.

First, how much do you want to save and by when? This tool will help you calculate the monthly amount and adjust the date, if required, to make sure your goal is achievable based on your budget.

Next, select the account you want to save your money in. If you want to choose more than one account, you can do that as well.

As you can see here, the tool will then show you your current account balance. You then select how much of that balance you want to put toward this goal. If you want all the money in that account to count toward your goal, select "100%."

Then, select what percentage of your future deposits into this account should go toward this goal. Any goal you set will be available throughout the site to help you stay on track. And that's it. You've set a goal!

We hope this demo is helpful. Feel free to set many goals. The more you set, the more you'll save.

See all U by BB&T video demos

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

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See our Bank Services Agreement (PDF) for additional disclosures.

Learn about fees and ways you can avoid them.

2Investment 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. Read the prospectus carefully before investing.

An investor should consider a mutual fund's investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the available mutual funds can be found in each 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.

3See the HSA Pricing Guide (PDF) for current applicable fees.

4Other criteria may apply. Consult your health insurance provider or tax advisor.

5Sales 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 (opens in a new tab) of all available mutual funds, 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. Equal Housing Lender icon