Health savings accounts (HSAs)

If you’ve got a new HSA, browse our new account holder checklist to get off to a good start.

You can also visit Qualcomm's resource library for videos and other educational materials to help you make the most of your HSA.

To be eligible to open an HSA, you must have a qualifying high-deductible health plan (HDHP), and meet IRS guidelines for the annual deductible and out-of-pocket maximum.

You also cannot be:

• Covered by any other health plan that is not an HDHP
• Currently enrolled in Medicare or TRICARE
• Claimed as a dependent on another individual’s tax return
• A recipient of Department of Veterans Affairs (VA) benefits within the past 3 months, except for preventive care. If you are a veteran with a disability rating from the VA, this exclusion does not apply.

It’s easy to find qualified HSA products at your favorite retailers. Simply use our qualified medical expense tool. Pay with your HSA card every time for faster payouts and less paperwork. Plus, you save up to 30%* because you’re using pretax dollars.

There are 3 ways to make a contribution to your HSA:

1. Set up recurring contributions — Sign in to your account to set up recurring contributions to ensure you’re contributing the maximum allowed by the IRS each year.
2. Make a one-time contribution — If you haven’t contributed the maximum allowed by the IRS, you can make a one-time contribution to your account at any time.
3. Set up payroll deductions through Qualcomm.

Learn more about making a contribution to your HSA.

The IRS sets guidelines for how much you can contribute to an HSA each year.

2023 limits:

• An individual can contribute up to $3,850 (increase of $200 from 2022) for the year.
• An individual with family coverage can contribute up to $7,750 (increase of $450 from 2022) for the year. If you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year.
• If your spouse is also 55 or older, they may establish a separate HSA and make a catch-up contribution to that account.

Sign in to your account today and check your contribution limit.

To learn more about the annual HSA contribution limits, visit our HSA contribution limits page.

The IRS sets guidelines for how much you can contribute to an HSA each year.

2024 limits:

• An individual can contribute up to $4,150 (increase of $300 from 2023) for the year.
• An individual with family coverage can contribute up to $8,300 (increase of $550 from 2023) for the year.
• If you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year. If your spouse is also 55 or older, they may establish a separate HSA and make a catch-up contribution to that account.

Sign in to your account today and check your contribution limit.

To learn more about the annual HSA contribution limits, visit our HSA contribution limits page.

No. You can keep your account, and the money in it remains yours, no matter what, even if you change jobs or move off a qualifying high-deductible health plan.

No. You can open and contribute to an HSA at age 65 or later as long as you meet HSA eligibility requirements, which are:

• You’re covered on an HSA-qualified medical plan.
• You’re not someone else’s tax dependent.
• You don’t have any conflicting coverage (including enrollment in Medicare). Turning age 65 does not, in and of itself, preclude you from remaining HSA-eligible absent any disqualifying coverage.

You currently have diverse investment options in your HSA, including digitally managed investments from Betterment, self-directed mutual funds and self-directed brokerage through Schwab. You can choose to invest based on how experienced you are and how involved you want to be in selecting your investments.

I want help investing and don’t want to spend a lot of time managing my portfolio. Can I get help investing?

You may choose to have Betterment manage your investment funds. Betterment is an independent online investment advisor and combines low-cost, tax-efficient investment strategies with technology and personalized advice to help you pursue your financial goals.

Once you answer a few brief questions about your investment goals and priorities, Betterment will build a personalized portfolio of exchange-traded funds (ETFs) with investment mixes and risk levels that are suitable for you.

I have some investment experience and prefer mutual funds. Can I choose my own investments?

You may choose from a number of preselected mutual funds from nationally recognized fund families. These have been selected to offer a broad and diverse range of investment objectives, with high Morningstar ratings and some of the lowest expense ratios in the industry.

I am an experienced investor and want to align my 401(k) investments with my HSA investments. Can I have some added flexibility?

You may choose to invest with the Schwab health savings brokerage account (HSBA). This robust option is for savvy investors who want more flexibility and control over their investments.