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Health Savings Account

It’s just what the doctor ordered! A way to save money for your medical needs.

Open an Account

Or call 1-855-440-4472

Health Savings Account (HSA) Dividend Rate  APY 
$0.01- $2,499.99 0.10% 0.10%
$2,500.00 - $9,999.99 0.30% 0.30%
$10,000.00 - $24,999.99 0.30% 0.30%
$25,000.00 and Above 0.49% 0.50%

Health Savings Account Annual Percentage Yield (APY) effective as of March 1, 2024, and may change after account opening without notice. Fees may reduce earnings.

Health Savings Account

A tax-free medical savings account for people enrolled in a high-deductible health plan.


  • Contributions can be made by you, your employer, or other individuals
  • Funds will not be taxed if used for qualified expenses
  • At year-end, remaining funds carry over for use in future years
  • Tiered dividend rates that increase as your account balance grows
  • Dividends earned on ending daily balances and posted monthly
  • Comes with the Elements HSA Visa® Debit Card to use for your qualified purchases
  • Online portal for account management and safekeeping of your paperwork and receipts — accessible through online banking or the mobile app


  • You have a high-deductible health plan (HDHP)
  • You want a safe and convenient way to pay for health expenses
  • You want to save for future medical expenses on a tax-free basis

Open an HSA

So, what exactly is a Health Savings Account (HSA)?

A woman hugging her mom in front of a laptop

A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). An HSA allows you to pay for current health expenses and save for future medical and retiree healthcare expenses on a tax-free basis. Contributions, earnings, and distributions are all exempt from federal income taxes when funds are used for qualified medical expenses.

You can use the HSA to cover expenses related to your High Deductible Health Plan until you meet your deductible. After your deductible has been met, your health plan coverage will then pay all or a portion of your medical costs, depending on the benefit design of the health plan. Any excess funds available in the HSA may be used for other qualified expenses, including dental and vision costs. Funds may also remain in the HSA to grow for use in future years.

Open an HSA

What can I do in the HSA Portal?

Once you have opened your Elements HSA, you will have access to the HSA Portal within Online Banking and the mobile app. The Portal enables you to keep all of your important information, like paperwork and receipts, in one place, which makes for easy retrieval and reference later. Here’s a glimpse at other tools available through the HSA Portal: 

  • Dashboard — overview of your balances and progress toward the HSA yearly limit.
  • Deductible Tracker — link your health plan (ex. Blue Cross Blue Shield) account, to take the guesswork out of your progress against your deductible.
  • HSA Advisor provides actionable feedback about how you can get the most benefit from your HSA.
  • Link Your Credit Card — link personal credit and/or debit cards to your account so that no HSA purchase goes uncaptured. You can also link your savings or checking account for easy reimbursements.
  • Investment Account — view your investment account totals and move money to and from your DriveWealth account.
  • Health Care Blue Booka free consumer guide to help you determine fair prices in your area for health care services such as surgery, hospital stays, doctor visits, or medical tests.
  • HSAStore.comthe only site exclusively focused on health savings accounts, and it’s the easy way to shop for HSA-eligible over-the-counter products. Using this online store takes the guesswork out of what products are eligible.

Note, the HSA portal is provided through a partnership between Elements Financial and Bend Financial.

Log In to Your HSA Portal through Online Banking

What are my investment options?

A doctor talking to a couple about billings

Elements Financial HSA members have access to an investment program through DriveWealth. Those who do not plan to use all of their HSA funds for current year medical expenses may wish to consider investing HSA dollars for potential added savings.

To invest, you must have an account balance of at least $2,500 in your HSA at the time of enrollment. Eligibility does not constitute enrollment in the program. You must actively elect to enroll to use the investment funding provided to you within the Elements' HSA.

Prior to meeting the $2,500 threshold, with DriveWealth, you have the ability to pre-enroll. With our pre-enrollment option, you set your investment account details along with your investment path now before reaching the minimum amount to invest. Then, once your HSA hits the threshold needed, your investment account will be activated, and your HSA investing journey will officially begin.

Post eligibility and enrollment in DriveWealth, you’ll be able to invest any amount over your cash threshold of $2,500. If your HSA account balance goes below $2,500, you will not be able to move additional funds to your investment account.

To begin the enrollment process, log into your HSA by clicking your Health Savings Account tile in Elements online banking or mobile app. From the left navigation menu inside the HSA portal, select Investment Account from the navigation bar.

If you wish to learn more about investment options, visit the HSA Portal Document Center in the HSA Portal, which can be accessed by logging in to Online Banking or the mobile app. There you can review the Investment Program details. Note that an active Elements Health Savings Account is required to access the HSA Portal Document Center.

If you have any questions about the DriveWealth investment program, including enrollment and transfer of funds, please contact the HSA Customer Support Center for assistance at 1-855-440-4HSA (4472).

How do I open an account?

A screenshot of our online application.

Getting started is as easy as 1-2-3!

  1. Open an account online - Open an account online in as little as 10 minutes. Or call 1-800-621-2105 to get started. Have your government-issued ID (driver’s license, state ID, or passport) and your Social Security number ready.
  2. Check your email - You will receive an email within one business day to notify you of account approval. That’s it! Your Health Savings Account is now open and ready for contributions from your employer.
  3. Enroll in Online Banking to access the HSA Portal - The HSA Portal allows you to manage your HSA account. The HSA Portal is accessed within Online Banking or the mobile app. Enroll in online banking to easily access the portal from your smartphone, tablet, or computer. Learn more about Online Banking.

Open an HSA

Where can I find HSA forms?

A doctor looking at a girl's arm cast.

See below for a list of form PDFs that can help you get started.

Looking to Learn More About HSAs?

If you’d like to better understand how you and your family can take full advantage of your Health Savings Account, visit our HSA Welcome Kit page on our website. It’s full of helpful information about HSAs.

Read more frequently asked questions about Health Savings Accounts…

Whom do I call if I have HSA questions?

Our Customer Support Center is available to answer questions about your HSA and assist you with your High Deductible Health Plan (HDHP) or for questions about the HSA Product or Portal:

  • By Phone — Call us toll-free at 855-440-4HSA (855-440-4472) Available 8:00am to 5:00pm Eastern Time, Monday through Friday

I already have an HSA? Can I transfer it to Elements?

Yes! It’s easy to transfer your existing balance to Elements. Call one of our team members at 1-855-440-4472 8am-5pm Eastern to learn how.

How are deposits made to my HSA?

If the HSA is offered through your work, your employer can deduct the amount from each paycheck for deposit into the account. If you wish to make other deposits, call the HSA Customer Support Center at 1-855-440-4472 for deposit instructions.

What IRS reporting will I have to do each year for tax purposes for my HSA account?

You will need to complete IRS Form 8889 to be filed with your Form 1040 income tax filing each year, whether you itemize your deductions or not. This form reports your deposits and withdrawals from the HSA account. We provide an online workbook based on your account usage to assist you with form completion. This is provided for informational purposes only and is not considered tax advice. For specific assistance with tax reporting of your HSA account, please see your personal tax advisor. Elements will send the 1099-SA for distributions to arrive at the end of January and the 5498-SA for contributions to arrive at the end of May.

Woman on phone with doctor while checking son's forehead temperature with her hand.

Health Savings Accounts 101

If you’d like to better understand how you and your family can take full advantage of your Health Savings Account, visit our HSA Welcome Kit page on our website. It’s full of helpful information about HSAs, including eligibility, funding your HSA, paying for healthcare, taxes, investment options, how to use the HSA Portal, and more.


View the HSA Welcome Kit

I am glad that my workplace partners with Elements for our HSA. The online portal is so easy to use and saves me tons of time.

- Chris D. | Member since 2018

How Much Should I Save to Reach My Goal?

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