Health Savings Account
- 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
- 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®
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
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
- 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.
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
U by BB&T: My Receipts (Mobile App)
See how the My Receipts feature allows you to collect, view and manage your receipts all in one place in U by BB&T®.
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.
Ready to get started?
Not convinced that a Health Savings Account is right for you?