Health Savings Account

The convenient way to save more and pay for healthcare expenses

Whether you’re planning ahead for unexpected medical expenses or want to cover the deductibles on your high-deductible health plan (HDHP), an HSA can help keep more money in your wallet.

A Health Savings Account can help to stretch your healthcare dollars further by setting aside pre-tax dollars to pay for qualified medical expenses and health care costs like doctor visits, prescriptions, dental care, and more. It’s an easy way to invest in your health.

Benefits of saving with Jovia

Unlock tax benefits and savings

Make pre-tax or post-tax annual contributions. And, enjoy tax-free distributions to pay for qualified medical expenses.

Live life penalty free

Your funds don’t expire – your entire balance rolls over every year – even if you change health plans, retire or leave your employer.

Access funds easily

Receive a free HSA Visa Debit Card to make paying for qualified medical expenses easy. And your first set of checks? Those are free, too!1 Plus, you can pay medical bills anywhere, anytime, within online banking or the Jovia mobile app.

Cut the pesky fees

Never worry about having to pay a monthly maintenance fee for your health savings account or keeping a minimum balance to avoid one. Every dollar works for you.

Rates & Tiers

Balance

APY

Rate

Minimum to Earn APY

Balances ≤ $2,499.99 0.100% 0.100% $60.23
Balances ≥ $2,500.00 0.200% 0.200% $2,500.00

Frequently Asked Questions

A Health Savings Accounts or HSA is used to set aside money for qualified medical expenses for you and your eligible dependents.

If you have an established Individual or Family High Deductible Health Plan (HDHP), you may be eligible to establish a health savings account. An HSA goes hand in hand with your HDHP. Not to worry! We have an eligibility form to determine if you are eligible.

An HSA account can help save money to cover costs above and beyond what your insurance will pay for. Contributions are made into your HSA either by the account owner (you) or, in some cases, your employer. The money you contribute into this account can be used to pay for any current or future health care expenses, including co-payments, prescriptions, dental work, and even eligible products from the online HSAStore. Contributions can be taken out on a pre-tax basis. After-tax contributions may be able to be claimed as deductions on your taxes the following tax year.

Your Jovia health savings account offers easy debit card access, allowing you to use the money in your HSA the same way you would from a checking account, making it even easier to pay for your health care services.

Yes. HSA account is an individual account that can have an authorized signer. The HSA owner gives an authorized signer the authorization to transact on the HSA account on their behalf. An HSA owner is solely responsible for any authorized signer’s actions and any tax consequences that result from any actions exercised by your authorized signer regarding your HSA.

You can use a health savings account to pay for any qualified medical expense as defined by the IRS, which include:

  • Medical care
  • Vision care
  • Dental care
  • Prescription drug expenses
  • Payment for long term care services (physical therapy, etc.)

You can check your health savings account balance by logging into Online Banking or the Jovia mobile banking app to check your current balance, manage contributions, and more!

There is no minimum amount required to open an HSA.

The IRS puts a cap on how much you can contribute to your HSA per year. By getting as close to this amount as you can comfortably afford, you can help reduce some of the financial burdens of any necessary or unexpected medical procedures.

An individual or employer may contribute to an HSA plan from January of the current year through April 15th of the following tax year.

HSA accounts can offer tax benefits that can help you save money:

  • Contributions are tax-deductible – as you add funds into your account, your contributions reduce your annual taxable income
  • Earnings are tax-deferred
  • The funds you withdraw to pay for qualified medical expenses are not taxed
  • There are no required minimum distributions
  • Best of all - our HSA Account is fee free to maintain.

No. There’s no deadline for spending the money in an HSA; the balance simply rolls over year to year. Plus, it’s portable! You can take your HSA account with you even if you’re no longer with the same employer when you started your HSA.

Yes! The funds in your account roll over automatically each year and remain there indefinitely, with no penalty on unused funds. This allows you to continue building up your available funds in case you encounter an unexpected medical expense, even if you haven’t used the money yet.

To get more information about HSAs, visit the IRS website.

Opening a health savings account with Jovia is easy! Open an account online or visit your nearest Jovia branch to start building your health savings!

1 Free first order of standard checks for new accounts only.

Jovia does not provide legal or tax advice. Before opening an HSA, you should consult your tax advisor for more information since the administration of an HSA is a taxpayer responsibility. We encourage our members to review information available from the Internal Revenue Service (IRS) for taxpayers, which can be found on the IRS website at IRS.gov. You can find IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, and IRS Publication 502, Medical and Dental Expenses, online, or you can call the IRS to request copies at 800-829-3676