Chase offers Health Savings Accounts through a partnership with Lively, not directly through Chase branches

If you want to open an HSA with Chase, you will not do it at a Chase branch or through Chase's main website. Instead, Chase partners with Lively, a third-party HSA administrator, to offer these accounts. You set up the account through Lively's website or app, but the money is held and managed through Chase. This matters because it means your first step is going to Lively, not Chase.

The process takes about 10 to 15 minutes online. You will need your Social Security number, a valid ID, and proof that you are enrolled in a high-deductible health plan (HDHP) — the type of insurance required to open an HSA. Chase handles the banking side once the account is open, but Lively handles the enrollment and customer service.

Key Takeaways

  • Chase HSAs are opened through Lively's website or app, not through Chase directly, because Chase partners with Lively to administer the accounts.
  • You must be enrolled in a high-deductible health plan to open an HSA, and you will need to show proof of that enrollment during signup.
  • The account setup takes about 10 to 15 minutes and requires your Social Security number, a valid ID, and your health plan details.
  • Once open, you can fund the account by transferring money from a Chase checking account or by having your employer deposit contributions directly.
  • Chase charges no monthly fee for HSA accounts opened through Lively, though some investment options within the account may have their own fees.

What you need before you start

Before you go to Lively's website, gather three things: proof that you are enrolled in a high-deductible health plan, a valid government-issued ID, and your Social Security number. The HDHP proof can be a screenshot from your health insurance company's website, an email confirmation, or a physical insurance card that shows the plan type. If you are unsure whether your plan qualifies as an HDHP, your insurance company can tell you — or you can check the plan documents, which will say "high-deductible" or "HDHP" explicitly.

You will also need a Chase checking or savings account to link to the HSA, or you can set up direct deposit from your employer. If you do not have a Chase account yet, you can open one before or after you open the HSA — the order does not matter, but having the Chase account ready makes funding faster.

The step-by-step process on Lively's website

Go to Lively's website and select "Chase" as your provider. Click the button to open a new account. You will be asked to enter your name, date of birth, Social Security number, and email address. Lively will verify your identity using this information.

Next, you will confirm your high-deductible health plan. Lively will ask for your plan name, the company that offers it, and your coverage start date. Have your insurance card or plan documents handy — the information needs to match what your insurance company has on file. Once you confirm the plan, Lively will verify it with your insurance company, which usually takes a few minutes but can take up to 24 hours.

Then you will choose how to fund the account. You can link a Chase checking or savings account to transfer money yourself, or you can set up direct deposit if your employer offers HSA contributions. You will also choose whether to keep the money in cash or invest it — most people starting out keep it in cash, which earns a small amount of interest through Chase.

Review the terms, sign electronically, and you are done. Lively will send you a confirmation email with your account number and login details. The account is usually active within one business day.

Funding your account after it opens

Once the account is open, you can add money in three ways: transfer from your Chase checking or savings account, direct deposit from your employer, or a combination of both. If you transfer from Chase, you log into Lively and request a transfer to your HSA — it usually arrives within one business day. If your employer offers HSA contributions, you can set that up through your payroll system, and the money goes straight to the account.

There is an annual limit on how much you can contribute to an HSA. The limit changes each year and depends 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 check Lively or the IRS website for the current year's limit. You can contribute up to that limit across all sources — your own deposits, employer deposits, and spousal deposits if you are married — combined.

Investment options and fees

Chase HSAs through Lively come with a cash option that earns interest, similar to a savings account. You can also invest the money in mutual funds or other investments if you want it to grow faster, though that carries more risk. The investment options are shown in Lively's app, and you can switch between cash and investments at any time.

Chase charges no monthly maintenance fee for the HSA itself. However, if you choose to invest the money, some of the investment options may have expense ratios — small annual fees charged by the fund manager. These are disclosed before you invest, so you can see exactly what you are paying. The cash option has no investment fee.

Using the account for medical expenses

Once money is in the account, you can use it to pay for may have access to medical expenses — doctor visits, prescriptions, dental work, vision care, and many other health costs. You do this by requesting a debit card from Lively, which you can use at pharmacies and medical offices, or by requesting a reimbursement check after you pay out of pocket.

The key rule is that the expense must be for you, your spouse, or your dependents, and it must be a may have access to medical expense under IRS rules. If you use the money for something that does not may have access to — like cosmetic surgery or gym memberships — you will owe income tax on that amount plus a 20 percent penalty. Lively's app has a tool that lets you check whether an expense qualifies before you spend the money.

What happens if you change health plans or leave your job

Your HSA stays with you even if you change jobs or switch health insurance. The account is yours, not your employer's. If you leave a job where your employer was contributing to your HSA, those contributions stop, but the money already in the account remains yours. You can keep funding it yourself as long as you stay enrolled in an HDHP.

If you switch to a health plan that is not an HDHP, you can no longer make new contributions to the HSA, but you can still use the money that is already there for may have access to medical expenses. The account does not close — it just stops accepting new deposits. If you go back to an HDHP later, you can start contributing again.

Frequently Asked Questions

Do I have to use Chase as my bank to open a Chase HSA?

No. You can open a Chase HSA through Lively even if you bank elsewhere. However, if you want to transfer money into the account yourself, linking a Chase account makes it faster. You can also use direct deposit from your employer instead, which works with any bank.

What if my employer already has an HSA plan set up?

If your employer uses a different HSA provider, you may be required to use that provider instead of Chase. Check with your HR or benefits department first. If your employer does not have an HSA plan or allows you to choose, then you can open one through Chase and Lively.

Can I open an HSA if I am on Medicare?

No. Once you enroll in Medicare, you can no longer make new contributions to an HSA. If you already have an HSA, you can still use the money for may have access to medical expenses, but you cannot add new money to it.

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

The account is usually active within one business day of signup. If you set up direct deposit from your employer, contributions may take one to two pay periods to arrive. If you transfer from a Chase account, the money usually arrives within one business day.

What if Lively closes or Chase ends the partnership?

Your account and the money in it are yours. If the partnership ends, Lively or Chase will give you time to move the account to another HSA provider. You will not lose access to your money, but you may need to choose a new administrator and complete a transfer form.