Health savings accounts (HSAs)

If you’ve just opened an HSA, browse our new account holder checklist to get off to a good start.

You can also visit our resource library for videos and other educational materials to help you make the most of your HSA.

It’s easy to find qualified HSA and FSA products at your favorite retailers. Find out whether your expense is qualified by checking out the qualified medical expense tool. Pay with your HSA card every time for faster payouts and less paperwork. Plus, you save up to 30%* because you’re using pretax dollars.

There are two ways to make a contribution to your HSA.

Employer payroll deductions
Set up payroll deductions through Labcorp.

Make a one-time contribution
If you haven’t contributed the maximum allowed by the IRS through your payroll deductions, you can then make a one-time contribution to your account at any time.

If you're enrolled in the high deductible plan on January 1, 2024, Labcorp will contribute one-time seed money to your HSA as follows:

• $250 (employee only)
• $250 (employee + child)
• $500 (employee + spouse/domestic partner)
• $500 (employee + family)

Earn additional Labcorp contributions to your HSA through wellness programs as follows:

• $250 (employee only)
• $250 (employee + child)
• $500 (employee + spouse/domestic partner)
• $500 (employee + family)

The IRS sets guidelines for how much you can contribute to an HSA each year:*

• $3,650 (employee only)
• $7,800 (employee + child)
• $7,300 (employee + spouse/domestic partner)
• $7,300 (employee + family)

If you're 55 or older, you can contribute an additional:

• $1,000

* Your contributions and Labcorp's contributions (both seed money and earned dollars) combined apply toward the IRS annual contribution limit. All HSA contributions may be subject to state and local taxes.

No. You can keep your account, and the money in it remains yours, no matter what, even if you change jobs or move off a qualifying high-deductible health plan.

No. You can open and contribute to an HSA at age 65 or later as long as you meet HSA eligibility requirements, which are:

• You’re covered on an HSA-qualified medical plan.
• You’re not someone else’s tax dependent.
• You don’t have any conflicting coverage (including enrollment in Medicare). Turning age 65 does not, in and of itself, preclude you from remaining HSA-eligible absent any disqualifying coverage.

You have a range of investment options with your HSA, including digitally managed investments, mutual funds and self-directed investments. You can invest based on how experienced you are or how involved you want to be with the investment decisions.

I want help managing my portfolio

You can choose to have Betterment manage your investment funds. Betterment is an independent online investment advisor. It combines low-cost, tax-efficient investment strategies with personalized, automated advice to help you reach your financial goals.

To get started, simply answer a few questions about your investment goals and priorities. Betterment will then build a personalized portfolio of exchange-traded funds (ETFs) with investment mixes and risk levels that are right for you.

I have some investment experience and want to choose mutual funds

Your HSA gives you access to a number of pre-selected mutual funds from nationally recognized fund families. All offer a broad range of investment objectives, high Morningstar ratings and some of the lowest expense ratios in the industry.

I'm an experienced investor and want more control

The Charles Schwab health savings brokerage account (HSBA) lets you choose your investments, including stocks, bonds and mutual funds, based on your individual goals. This gives you more flexibility and helps you align your 401(k) and HSA investments.

To open a self-directed investment account, you must first complete enrollment in your mutual fund plan. Once enrolled, you’ll see the option to set up a Charles Schwab HSBA through our investment platform.