Skip to main content
CareFirst Learning Site

Choosing an HSA Plan

This page covers HSA plan information

Overview 

Your HSA plan determines the rate of interest you can accrue on your HSA balance and also any monthly participant fees you must pay for your account. Some employers will choose the HSA plan type for their group and will not let employees change to a different plan type. If you are not sure whether you can choose your own plan, check with your employer or benefits administrator.

Choosing a health savings account (HSA) is an important step in managing your current and future health care expenses. This unique, tax-advantaged account gives you the flexibility, security and control necessary to meet changing health care needs.

Which will you choose?

CareFirst Value HSA
Low fee account with an investment option.

CareFirst Select HSA
FDIC insured account with an investment option.

No Hidden Fees

While other HSA administrators have complex fee structures, CareFirst does not charge for the following:

  • Account opening or closing fees: $0
  • Debit cards: $0
  • Replacement debit cards: $0
  • Over contribution fee: $0
  • Contribution return fee: $0
  • Stopping payment fee: $0

Account Credit Rates

As you compare HSA programs, be sure to ask how interest is calculated. CareFirst keeps it simple so you earn the stated rate on the entire account balance. Some banks pay interest based on the balance and rate in each balance tier.

Interest rates and balance tiers are subject to change without notice.

Base Balance

CareFirst Value HSA

CareFirst Select HSA*

$0-$2,499 0.10%; 0.05%
$2,500-$9,999 0.15% 0.07%
$10,000-$14,999 0.20% 0.07%
$15,000-$24,999 0.25% 0.10%
$25,000 or greater 0.35% 0.10%

*The CareFirst Select HSA is FDIC Insured  

Investment Account Options

Account type

Available funds

Annual account service fees*

Base Balance

Funds in the Base Balance earn interest at rates set by CareFirst. Members may leave all funds in the base account.

Annual fees vary

Basic Investment Account

When a member's Base Balance exceeds $1,000, you have the option to invest the amount over this threshold in a variety of pre-selected mutual funds.

An additional $18.00 per year**; this fee is paid out of the Basic Investment Account

Health Savings Brokerage Account

When a member's Basic Investment Account exceeds $10,000, you have the option to invest the amount over this threshold in a wider range of mutual funds as well as stocks, bonds and other investments.

An additional $18.00 per year**; this fee is paid out of the Health Savings Brokerage Account.

*These fees are in addition to any HSA account administrative fees that CareFirst may charge.
**The annual fee is not cumulative. Members with both types of investment account will only pay one $18 fee per year.

  • Was this article helpful?