Health Savings Account
Enroll in an HSA
Paying for health care is one of the most essential costs encountered in life. Proactively saving money to use for medical expenses—both expected and unexpected—is smart planning. If you have a high-deductible health plan (HDHP), you may want to consider opening a Health Savings Account (HSA).
Whether you’re an employer or an individual, learn how to set up an HSA account with Fifth Third by visiting 53HSA.com.
What is an 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, money from HSA funds can be used in conjunction with eligible high-deductible insurance plans.
Benefits of an HSA
- 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)
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
How Does an HSA Work?
A tax-advantaged HSA lets you pay for qualified expenses not covered under your HDHP until you have met your deductible.
Our HSAs Offer:
- Competitive interest rates
- Easy access to your money
- Security of FDIC Insurance
- Investment options
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.
HSA Calculators and Tools
HSA Frequently Asked Questions
Every dollar you contribute to an HSA and spend on eligible health and medical expenses is pre-tax, meaning you can essentially pay your medical bills with pre-tax money. Those are significant savings, no matter what tax bracket you're in.
It’s never too early to begin setting yourself up for retirement—and getting started is easier than you think. Here are three different types of retirement savings vehicles that you can set up now and watch them grow into the future.
We're here to help: