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 |
|---|---|---|---|
| Up to $2,499.99 | 0.10% | 0.10% | $135.00 |
| $2,500.00 - $14,999.00 | 0.20% | 0.20% | $2,500.00 |
| Over $15,000.00 | 2.00% | 1.98% | $15,000.00 |
Thinking about opening a Health Savings Account?
A HSA is an easy way to help stretch your healthcare dollars further invest in your health. We've created a series of articles to guide you on how to maximize your health savings and help you lead in life. Check them out!
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.
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.
Yearly, the IRS sets a limit on how much you can contribute to your HSA; see below for current limits. Contributions to an HSA are also tax-deductible. If you are 55 or older by the end of the tax year, you can make an additional catch-up contribution of $1,000 to your HSA. If your spouse is also 55 or older, they may establish a separate HSA and make a “catch-up” contribution to that account.
| Plan Year | Individual Plan | Family Plan | Catch-up Contribution (for adults 55 or older) |
|---|---|---|---|
| 2023 | $3,850.00 | $7,750.00 | $1,000.00 |
| 2024 | $4,150.00 | $8,300.00 | $1,000.00 |