Get Chasehsa

There's a triple tax advantage Three are better. First, contributions to an HSA are federally tax-deductible, reducing your taxable income. Depending on where you live, you may also get a break on state income taxes. Second, both contributions and earnings grow federal tax-free.

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Access funds at an ATM, transfer funds to your bank account through the HSA online portal, or request a check from your HSA online.

You pay less out-of-pocket due to the lower deductible and copay, but pay more each month in premium. HSA plans generally have lower monthly premiums and a higher deductible. You may pay more out-of-pocket for medical expenses, but you can use your HSA to cover those costs, and you pay less each month for your premium.

The Chase HSA is a special tax-advantaged account that is used with a high-deductible health plan "HDHP," and allows you and your family members to pay for various qualified medical expenses (PDF)—from co-payments at your doctor's office to pharmacy bills, dental care, vision care, and more.

HSAs can be set up with banks or credit unions. You can ask your insurance company or your employer (if you get insurance through your job) for recommended places to set up your HSA. You can also start one with the bank where you have your regular checking and savings accounts.

To obtain a Chase HSA Enrollment Form, contact your Anthem representative or call the Chase HSA customer service center at 1-800-778-0898, Monday - Friday, 8 a.m. to 5:30 p.m. (Eastern Time). 1. Enroll in an Anthem HSA-qualified HDHP. You must participate in a high-deductible health plan to qualify for an HSA.

Under the agreement, approximately 700,000 accounts, including an estimated $1.3 billion in deposits and $175 million in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank and a leading administrator and depository of health savings accounts, over a transitional period.

The main downside of an HSA is that you must have a high-deductible health insurance plan to get one. A health insurance deductible is the amount of money you must pay out of pocket each year before your insurance plan benefits begin.

HSA contributions reduce your taxable income for the year, just like tax-deferred 401(k) contributions. But if you use the money for medical expenses, you don't pay taxes on your withdrawals at all. You can also make non-medical withdrawals, but you'll pay a 20% penalty plus taxes if you do so before age 65.

HSAs might not make sense if you have some type of chronic medical condition. In that case, you're probably better served by traditional health plans. HSAs might also not be a good idea if you know you will be needing expensive medical care in the near future.

Under the agreement, approximately 700,000 accounts, including an estimated $1.3 billion in deposits and $175 million in investments, will migrate from JPMorgan Chase Bank to HSA Bank, a division of Webster Bank and a leading administrator and depository of health savings accounts, over a transitional period.