Health Savings Accounts
Your health is your priority. Set aside funds for everything from routine care to life-saving treatment.
HSAs are designed for individuals and families with high-deductible medical plans. Your contributions will earn dividends, enjoy tax benefits, and are readily accessible to offset the high cost of medical care.
Competitive dividends provide you with more money to keep your loved ones healthy.
All dividend earnings are tax-free and the same goes for qualified withdrawals.
Your HSA balance rolls over one year to the next and stays with you from one job to the next.
One big advantage is that HSAs cover a wide range of health care costs and can grow tax free into retirement. With money set aside to cover almost any treatment, you can put the focus where it should be — on getting and staying well.
Everyone deserves the best care possible
- Contribute up to $4,150 a year for individuals and $8,300 for families
- People over 55 can contribute an additional $1,000 annually
- HSA contributions are made with pre-tax dollars
- All dividend earnings and qualified withdrawals are tax-free
- Unused contributions automatically roll over to the next year
- Unlike some health insurance, your HSA stays with you even if you change jobs
HSA Checking
- Earn competitive dividends, paid monthly
- Pay for qualified medical expenses1 conveniently with an Everwise Debit Mastercard® - and receive 0.5% cash back
- Easy access to your account with online and mobile banking, with the option of paying medical bills electronically
- No minimum balance or monthly fee
HSA Certificates
- Earn a higher rate on your balance
- Dividends paid quarterly
- $500 minimum requirement to open
- Choose terms of 12, 36, or 60 months
- Unused funds can grow long-term, even into retirement
Here are answers to some common questions about HSAs.
There is a triple tax benefit to an HSA. You can contribute pre-tax dollars, pay no taxes on earnings, and withdraw the money tax-free now or in retirement to pay for qualified medical expenses. This information is not designed, meant, nor does it constitute the rendering of legal or tax advice.
To make the most out of your HSA, contribute the maximum amount allowed, see chart below:
| Tax Year 2023* | Tax Year 2024* |
| Self: $3,850 | Self: $4,150 |
| Family: $7,750 | Family: $8,300 |
Aim to save up to the amount of your insurance deductible or more to give yourself the chance to pay-off the deductible with tax-fee funds from your HSA and to cover your estimated expenses.
* Taxpayers who are 55 or older may contribute an additional $1,000.
An HDHP is a plan with typically lower premiums but higher deductibles than traditional insurance plans. A deductible is the amount you must pay out-of-pocket before the insurance company will pay for a claim. The premium is the amount of money paid to the insurance company periodically/monthly for the policy.
For 2024, the IRS defines a high deductible health plan as any plan with a deductible of at least $1,600 for an individual (self-only coverage) or $3,200 for a family. Visit this IRS resource for more information.
The money in your HSA is yours to keep for life, even if you switch employers or healthcare plans, or you retire. At the end of each year, any unused funds will continue to roll over for life. In other words, the funds in your HSA aren’t “use it or lose it.”
Although qualified expenses are subject to change annually by the IRS, costs considered to be medically necessary are generally considered as qualified. Expenses that are for elective procedures (such as cosmetic purposes), are not. Withdrawing funds for non-healthcare related reasons (unqualified expenses) may result in penalties. The penalty can be up to 20% of the costs if you’re under 65, and the withdrawal is taxable. Visit this IRS resource for more information.
If you end up not using your HSA funds for medical expenses, you can save your money for retirement. As long as you are 65 years or older, you are allowed to withdraw funds for non-medical expenses. You may still need to pay income tax upon withdrawal, but you may not have to pay additional penalties.
If you have a family plan, you can order a debit card in the name of your spouse or dependent. This provides more options to you and your family members to access your health savings account. To order a card for your spouse or dependent, simply visit a branch or call Member Services at (800) 552-4745.
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