Paying for health care is one of the most important, yet burdensome at times, costs encountered in life. Proactively saving money to use for medical expenses - both expected and unexpected - is smart planning. To help plan ahead, consider opening a Health Savings Account (HSA).
An HSA is a pre-tax savings account that can be used to pay for a variety of medical costs including qualified deductibles and copayments. Often times, money from HSA funds can be used in conjunction with eligible health insurance plans.
No monthly service charge if:
The average monthly balance in the HSA bank account is greater than $4,000.
Otherwise, it's tiered based on the average daily balance in your account:
- Average Daily Balance: $500.00 or less, Monthly Fee: $3.50
- Average Daily Balance: $500.01 - $2,000.00, Monthly Fee: $3.00
- Average Daily Balance: $2,000.01 - $3,000.00, Monthly Fee: $2.50
- Average Daily Balance: $3,000.01 - $4,000.00, Monthly Fee: $2.00
- Average Daily Balance: Above $4,000.00, Monthly Fee: $0.00
Key Benefits of a HSA – Health Savings Account
- Fifth Third Bank Debit Mastercard® available to conveniently pay qualified medical expenses
- Online bill payment available to pay healthcare providers nationwide
- Categorize your medical expenses for easy tracking and budget planning
- Benefit from a tax-deferred investment account (investment options are available once your HSA account balance reaches $2,000)
Saving is good for your health, and your account.
Combined with a High Deductible Health Plan (HDHP) a tax advantaged HSA will help you gain health care savings—and save for current and future medical expenses.
Bank more efficiently with the Fifth Third Bank HSA Mobile App5
- View your balances, transactions and investments
- Contribute funds to your HSA or request a distribution from your HSA
- Securely upload your medical receipts for safekeeping
- Add and store information on new payees
- Use our Eligible Expense Scanner to determine if items are qualified medical expenses before you get to the checkout lane.
Our HSA’s offer:
- Competitive interest rates
- Easy access to your money
- Security of FDIC Insurance
- Investment options