Chase offers HSA accounts through a partnership with HealthEquity, and the process starts with confirming your may be able to access and then moving through Chase's online account setup

Chase does not issue HSA accounts directly. Instead, Chase partners with HealthEquity, a third-party HSA custodian, to offer HSA accounts to Chase customers. This means you will be opening an account with HealthEquity, but you can manage it through Chase's online banking platform or the HealthEquity app. The account itself is held at HealthEquity; Chase is the bank where the money sits.

To open one, you need to be enrolled in a high-deductible health plan (HDHP) through your employer or the individual market. Chase will ask you to verify this enrollment before you can proceed. The entire process typically takes 10 to 15 minutes online, and your account can be funded within one to three business days once it is active.

Key Takeaways

  • Chase HSA accounts are actually HealthEquity accounts managed through Chase's platform, so you will see the account in your Chase dashboard but the custodian is HealthEquity.
  • You must be enrolled in an HDHP to open an HSA; Chase will ask for proof of this enrollment during setup.
  • The account opens online in about 15 minutes, and you can fund it when ready from your Chase checking or savings account.
  • Once open, you can use the account to pay for may have access to medical expenses tax-free, and any unused balance rolls over year to year.

What you need before you start

Gather these items before you log in to Chase to open your HSA. You will need your HDHP plan documents or enrollment confirmation from your employer or insurance company. This document should show the plan name, deductible amount, and out-of-pocket maximum. If you enrolled through the individual market, your insurance company's website or your enrollment confirmation email will have this information.

You will also need your Social Security number, date of birth, and current address. Have a funding source ready—either your Chase checking account or savings account, or a debit card. Most people fund the account when ready after opening it, though you can wait and fund it later.

If you are self-employed or a sole proprietor, you can still open an HSA, but you will need to confirm that you are not covered by any other health plan that is not an HDHP. Chase will ask about this during setup.

Steps to open your HSA through Chase online

Log in to your Chase account on chase.com or the Chase mobile app. Look for the "Invest & Save" or "Products" section—the exact label varies by app version. Search for "HSA" or navigate to the savings products area. You should see an option for "Health Savings Account" or "HSA with HealthEquity." Click on it.

Chase will ask you to confirm your HDHP enrollment. You will enter your plan name, deductible amount, and out-of-pocket maximum. Have your plan documents open so you can match these numbers exactly. If the plan name does not appear in Chase's dropdown, type it in manually. Chase will verify this information against what HealthEquity has on file.

Next, you will review the HSA terms and conditions. Read the fee schedule carefully—Chase and HealthEquity charge different fees depending on your account balance and activity level. Most accounts with balances over $5,000 have no monthly maintenance fee. Accounts under that threshold may have a small monthly fee, typically $2 to $4. Once you agree, you will create your HealthEquity login credentials (separate from your Chase password).

Finally, you will fund the account. Chase will ask how much you want to deposit. You can transfer from your Chase checking or savings account, or use a debit card. The transfer usually posts within one business day, though it can take up to three. Your account is active when ready, but you cannot withdraw or spend the money until the deposit clears.

What happens after your account opens

Once your account is open and funded, you will receive a debit card from HealthEquity in the mail within 7 to 10 business days. This card works like a regular debit card but can only be used for may have access to medical expenses—pharmacies, doctor visits, dental work, vision care, and certain medical equipment. If you try to use it for something not covered, the transaction will be declined.

You can also pay for medical expenses out of pocket and then reimburse yourself from the HSA later. This is actually a tax-smart move if you want to let the money grow—you pay the bill now, keep the receipt, and withdraw the money years later. The IRS allows this as long as you have the receipt to prove the expense was may have access to.

Your account will appear in your Chase dashboard alongside your other accounts. You can view your balance, transaction history, and investment options (if you choose to invest the money rather than keep it in cash). HealthEquity also sends you a separate login portal where you can manage the account directly, upload receipts, and track your spending.

Funding your account throughout the year

You can add money to your HSA at any time during the year. If you have an employer-sponsored HDHP, your employer may contribute to your HSA as part of your benefits package. These contributions are deducted from your paycheck before taxes, which lowers your taxable income.

If you contribute on your own (because you have an individual HDHP or are self-employed), you can deduct the contribution on your tax return. The annual contribution limit for 2024 is $4,150 for individual coverage and $8,300 for family coverage. These limits change each year. You can contribute up to the limit as long as you are enrolled in an HDHP on December 31 of that year.

You do not have to spend the money in the same year you contribute it. Any balance you do not use rolls over to the next year, and the year after that. This is one of the main advantages of an HSA—it is the only health account that lets you save indefinitely without losing the money.

Investment options and fees

Once your account balance reaches a certain threshold (usually $5,000 to $10,000, depending on HealthEquity's current policy), you can invest the money in mutual funds or other securities rather than keeping it in cash. This is optional—many people keep their HSA in cash for straightforward access to pay medical bills.

If you do invest, HealthEquity charges investment management fees in addition to the account maintenance fee. These fees vary by investment option and typically range from 0.25% to 0.75% per year. Chase does not charge an additional fee for HSA accounts, but HealthEquity's fees explore regardless of which bank you use.

If your balance falls below the investment threshold, your money automatically moves back to cash. You can also choose to keep everything in cash and avoid investment fees entirely. This is a reasonable choice if you plan to use the money within a few years for medical expenses.

Troubleshooting common issues

If Chase cannot verify your HDHP enrollment, the most common reason is a mismatch between what you entered and what your insurance company has on file. Double-check the plan name, deductible, and out-of-pocket maximum. If you still cannot get it to match, contact HealthEquity directly at 1-877-346-4221. They can manually verify your enrollment with your insurance company, which usually takes one business day.

If your transfer from Chase to the HSA is taking longer than three business days, check your Chase account to confirm the transfer actually went through. Sometimes transfers are pending rather than complete. If it shows as complete in Chase but has not arrived in the HSA, contact HealthEquity. They can trace the transfer and speed it up if there is a delay on their end.

If you cannot find the HSA option in your Chase app, make sure you are using the most recent version. Older versions of the Chase app may not display the HSA product. Update your app from the App Store or Google Play, then log out and log back in. If it still does not appear, call Chase at 1-800-935-9935 and ask them to enable HSA products on your account.

Frequently Asked Questions

Can I open a Chase HSA if my employer does not offer one?

Yes. As long as you are enrolled in an HDHP—whether through your employer, the individual market, or Medicare Advantage—you can open an individual HSA at Chase. You will fund it yourself rather than through payroll deduction, but the account works the same way.

What if I change jobs and my new employer has a different HSA provider?

You keep your Chase HSA account. You can roll money from your new employer's HSA into your Chase account, or keep both accounts open. Most people consolidate into one account to avoid tracking multiple balances, but there is no requirement to do so.

Can I use my HSA debit card for anything other than medical expenses?

The card will decline if you try to use it for non-medical purchases. If you accidentally use it for something not covered, you will need to reimburse the account from your own funds within a certain timeframe to avoid tax penalties. HealthEquity tracks this and will notify you if a transaction needs to be reversed.

What happens to my HSA if I lose my HDHP coverage?

You keep the account and the money in it. You just cannot contribute new money once you are no longer enrolled in an HDHP. You can still withdraw money for may have access to medical expenses tax-free, and any unused balance stays in the account indefinitely.

Do I need to file anything with the IRS after I open my HSA?

If your employer contributes to your HSA through payroll, they handle the tax reporting. If you contribute on your own, you will deduct the contribution on your tax return using Form 8889. HealthEquity sends you a Form 5498-SA each year showing your contributions, which you use when filing.