Health Savings Account (HSA)

Looking for an easy way to save for and pay for healthcare costs? Check out the advantages of a Health Savings Account (HSA) from Summit and get answers to common questions. HSAs are a tax-advantaged savings account you can use to pay for qualified medical expenses.

You can use an HSA to pay for a variety of qualified medical expenses including:

Co-pays
Prescriptions
Vision and dental expenses
Over-the-counter medications as prescribed by a physician
And much more!

All Summit HSAs include a no-fee debit card - an easy way to pay for many of your qualified healthcare expenses.

Know there’s a medical procedure in your future or want to save for healthcare costs in retirement? HSAs can be a great way to do both.

Roll savings over from one year to the next with no limits or penalties
No “use it or lose it” rules (like flex savings accounts)

You won’t get hit with taxes on the money you save and earn in your HSA:

Tax-deductible contributions – or pretax if made through payroll deductions
Tax-free interest
Tax-free withdrawals (when used for qualified medical expenses)

As the account owner, you get to decide:

How much you’ll contribute each year
When to spend vs. save the money in your account

Plan how to reach your health savings account goal with our Plus, because you own your HSA, the money is yours even if you switch jobs or retire.

2024 Contribution Limits

Coverage

Contribution Limit

Self-only

$4,300

Family

$8,550

Catch-up for Age 55+

$1,000

To be eligible for an HSA you:

Must be covered by a high deductible health plan (HDHP)
Can’t be enrolled in Medicare
Cannot be claimed as a dependent on someone else’s tax return for the previous year
Cannot be covered by a non-HDHP

Use our to compare health savings accounts to traditional health plans. Please consult with your HR department and tax advisor to determine if these accounts are available and a good fit for your needs.