A high-deductible health plan provides lower premiums and higher deductibles than a traditional health plan. An HSA can help pay for expenses that aren't covered by certain high-deductible insurance policies. Before opening an HSA, consult your employer or insurance provider to confirm your HSA eligibility.
To qualify for an HSA in 2023, a high-deductible health plan must have a deductible of at least $1,500 for self-only coverage and $3,000 for family coverage. Under the plan, maximum out-of-pocket expenses shouldn't exceed $7,500 for self-only coverage and $15,000 for family coverage.
You can make contributions to your HSA each year. The maximum annual contribution for 2023 is $3,850 for self-only coverage and $7,750 for family coverage. If you’re 55 or older, or will be by the end of the calendar year, you may be eligible to make a catch-up contribution. The annual limit for catch-up contributions is $1,000.1
You can add funds to your HSA once or throughout the year, up to the IRS contribution limit. You can also receive contributions from any other person, such as a family member or employer. Your contributions may be tax deductible.1
Interest is compounded and credited to your account monthly.
If you designate a beneficiary, your HSA funds will be inherited by your designated beneficiary. You may designate both primary and contingent beneficiaries. Primary beneficiaries will be the first to receive your account assets in the event of your death. Contingent beneficiaries will receive your account assets if all of the primary beneficiaries precede you in death. If you do not have a designated beneficiary, the funds will be disbursed to your estate.
Your HSA Checking Account will be individually owned, but if you wish to give another person the ability to conduct business on your account, an authorized signer may be added. To add an authorized signer, complete the Designation of authorized signer form (PDF, 90 KB) Opens in a new window.. The completed form should be returned to CIBC Bank U.S.A, HSA Department, 6825 W 111th Street Worth, IL 60482. If you would like to request a Designation of authorized signer form to be sent to you, please call us at 877-448-6500 Opens your phone app..
You may designate a maximum of 3 primary beneficiaries and 3 contingent beneficiaries who must be natural persons (individuals) with a U.S. Social Security Number at the time of account opening. If you require additional primary and or contingent beneficiaries, please contact a banker at one of our banking centers.