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Health Savings Accounts (HSA)

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Use pre-tax 1 dollars for qualified medical expenses. Unlike other plans, you own the account. This means your funds will roll over from year-to-year.

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  • Dramatically improved personal control over healthcare management and expenses
  • Contributions are generally tax deductible and earnings grow tax free, as long as the money is used for health expenses
  • Eligibility: Member covered under a high deductible health plan
  • Earn dividends above standard savings on entire balance
  • Receive higher rates on larger deposits
  • An HSA provides triple tax savings:
    • Tax deductions when you contribute to your account 1
    • Tax-free earnings through investment 1
    • Tax-free withdrawals for qualified medical, dental, vision expenses, and more 1
  • Contributions can be made by you, your employer, or a third party
  • Funds can be withdrawn at any time 2
  • If the account is below $500 on December 31st, there will be a maintenance fee
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • Federally insured by NCUA
  • $100 minimum deposit to open or payroll direct deposit.
 Plan how to reach your health savings goal with our online calculator.                                                                                                                                   
  2024 coverage contribution limits
    Self-only $4,150
    Family $8,300
    Catch-up for Age 55+ $1,000 


In order to have an HSA, you must be covered under a HSA-compatible High-Deductible Health Plan (HDHP). Not all HDHPs are HSA-compatible, so check with your insurance provider to ensure it meets all requirements.

In addition to having an HDHP, you must also meet the following requirements.

  • You cannot be enrolled in Medicare.
  • You cannot be claimed as a dependent on anybody else's tax returns.
  • You may not be covered by another health plan (some limited exceptions do apply).

1 Consult a tax advisor.

2 You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a penalty. Closure of the account does yield a $30 closure fee.  



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