What you need before you start

Chase offers Health Savings Accounts (HSAs) through their banking platform, but you cannot open one unless you are already enrolled in a high-deductible health plan (HDHP) through your employer or the individual market. Chase does not sell the health insurance itself — your HDHP comes from somewhere else. The HSA is just the bank account that holds the money you set aside for medical expenses.

Before you contact Chase, you will need three things: proof that you have an HDHP, a Social Security number or Individual Taxpayer Identification Number (ITIN), and a valid government-issued ID. You will also need an initial deposit amount in mind, though Chase does not require a minimum to open the account.

If you do not yet have an HDHP, you cannot open a Chase HSA. Check with your employer's benefits office or search the individual market through your state's health insurance marketplace to see what high-deductible plans are available to you.

Key Takeaways

  • You must be enrolled in a high-deductible health plan before Chase will open an HSA for you, and that plan does not have to be through Chase.
  • Chase HSAs can be opened online, by phone at 1-800-935-9935, or in person at a Chase branch, and the process takes about 10 to 15 minutes.
  • You will need your Social Security number, government ID, and proof of your HDHP enrollment to complete the account setup.
  • Once the account is open, you can fund it through payroll deduction (if your employer offers it), a direct transfer from another bank, or a check deposit.

Opening the account online

The fastest route is Chase's website. Go to chase.com, search for "HSA", and select "Open an HSA" from the results. You will be asked to enter your Social Security number, date of birth, and contact information. Chase will then ask you to confirm your HDHP coverage — you may need to have your insurance card or enrollment letter nearby to provide the plan name and effective date.

The online form takes about 10 minutes. At the end, Chase will show you the account details and ask how much you want to deposit initially. You can link a bank account to fund it when ready, or you can skip this step and fund it later. Once you submit, Chase typically confirms the account within one business day.

If Chase cannot verify your HDHP information online, they will ask you to call or visit a branch with proof of enrollment. This happens occasionally when your insurance is very new or comes from a smaller carrier.

Opening by phone or in a Chase branch

Call Chase HSA customer service at 1-800-935-9935 during business hours (Monday through Friday, 8 a.m. to 8 p.m. Eastern time). Have your Social Security number, government ID, and HDHP information ready. The representative will walk you through the same questions as the online form and can answer questions about how HSAs work and what you can use the money for.

If you prefer to open the account in person, visit any Chase branch with your ID, Social Security number, and proof of HDHP enrollment. The banker will complete the process on their computer while you wait. This route is useful if you want to make an initial deposit by check or if you have questions about linking your account to other Chase products.

What happens after you open the account

Once Chase confirms your HSA is open, you will receive a debit card in the mail within 7 to 10 business days. This card is linked only to your HSA and can be used at pharmacies, doctor's offices, and other medical providers. You will also get online access through your Chase account, where you can view your balance, transfer money, and read statements.

If your employer offers payroll deduction for HSA contributions, you can set that up through your employer's benefits portal — Chase does not handle that part. The money will be deposited directly into your Chase HSA each pay period. If you are self-employed or your employer does not offer payroll deduction, you can transfer money from your personal checking account whenever you want, up to the annual contribution limit set by the IRS.

Chase HSAs earn interest on the balance you hold, though the rate varies. Check chase.com for the current rate, as it changes with market conditions.

Funding your account

There are three main ways to put money into your Chase HSA. The first is payroll deduction through your employer, which is the most common method — your employer sends the money directly to Chase before you see it on your paycheck. The second is a direct transfer from another bank account you own, which you can set up through Chase's online banking. The third is a check deposit, either by mail or at a Chase ATM if you have a mobile deposit option.

You can also roll over money from another HSA if you had one with a different bank. Chase will provide you with the rollover form, and you will need the account number and routing number of the old HSA. The rollover must be completed within 60 days of the withdrawal from the previous account, or it becomes taxable income.

The IRS sets annual contribution limits for HSAs — these change each year and depend on whether you have individual or family coverage. For 2024, the limit is $4,150 for individual coverage and $8,300 for family coverage, but confirm the current year's limit on the IRS website before you contribute.

What you can use the money for

HSA money can only be spent on may have access to medical expenses — this includes deductibles, copays, coinsurance, prescription medications, dental work, vision care, and some medical equipment like blood pressure monitors. You cannot use it for health insurance premiums (with a few exceptions for COBRA or long-term care insurance), cosmetic procedures, or over-the-counter items unless they are prescribed by a doctor.

If you spend HSA money on something that is not a may have access to medical expense, you will owe income tax on that amount plus a 20 percent penalty. Chase does not police what you buy — the responsibility is yours to keep receipts and know the rules. The IRS publishes a full list of may have access to expenses on their website.

Frequently Asked Questions

Can I open a Chase HSA if I do not have a Chase checking account?

Yes. Your HSA is a separate account and does not require you to bank with Chase for anything else. However, you will need to provide a bank account number and routing number to link for transfers, so you will need a checking or savings account somewhere to fund the HSA initially.

What if my employer already uses a different HSA provider?

If your employer runs payroll deductions through another bank's HSA, you cannot use Chase for payroll contributions. However, you can still open a Chase HSA and fund it yourself through transfers or rollovers. Some people maintain HSAs at multiple banks for this reason, though you must stay within the annual IRS contribution limit across all accounts combined.

How long does it take to use the debit card after I open the account?

The account is active when ready, but the physical debit card arrives in 7 to 10 business days. You can use your account number and routing number to pay medical providers by check or bank transfer before the card arrives. Some Chase branches can issue a temporary card number on the spot if you open in person.

Can I close my Chase HSA and move the money to another bank?

Yes. You can request a rollover to another HSA provider at any time. Chase will provide the rollover paperwork, and you have 60 days to complete the transfer. The money stays in an HSA the entire time, so there are no tax consequences as long as you meet the 60-day important date.

What happens to my Chase HSA if I change jobs or lose my HDHP coverage?

Your Chase HSA stays open and the money remains yours even if you are no longer enrolled in an HDHP. You can continue to use it for may have access to medical expenses. However, you cannot make new contributions once you lose HDHP coverage. If you enroll in a new HDHP later, you can resume contributions to the same account.