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Health Savings Accounts

Searching for a better way to handle medical costs?

Plan for future expenses

A Health Savings Account (HSA) is a tax-advantaged, personal savings account used specifically for health care expenses.

Why use a Health Savings Account?

  • Tax Savings

    Dividends earned on HSAs are tax-free. Qualified contributions can be deducted from income tax.

  • No ‘use it or lose it’ rule

    Unlike a flexible spending account, HSA balances may be carried forward from year to year.

  • Fee-free

    No set-up fee and no monthly charges.

  • Convenient

    When you open an HSA, you’ll receive a specialized debit card to be used for eligible expenses.

Who is eligible for a Health Savings Account?



These are the federal guidelines to qualify for an HSA:

  • Be covered by a high deductible health care plan. ($1,400 annually for an individual, $2,800 for a family.)
  • The insurance plan must also include a high Out of Pocket Maximum. ($7,050 annually for an individual, $14,100 for a family.)
  • Not be covered under a second health insurance policy.
  • Be below the age of 65 (unless you are still working and not enrolled in Medicare).
  • Not enrolled in Medicare
  • Not claimed as a dependent on another person’s tax return.
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How much can I contribute to an HSA?



Members meeting eligibility requirements can contribute:

  • $3,650 annually for an individual
  • $7,300 annually for a family account
  • Members over age 55 can contribute an additional $1,000 each year
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Health Savings Account Rates

Health Savings Account





$1,000 - $1,999.99






$2,000 - $9,999.99






$10,000 and up





*APY = Annual Percentage Yield

See all Savings Rates

Health Savings Account FAQs

  • Payments to doctors or dentists
  • Prescriptions
  • Prescription glasses or contacts
  • Medical equipment or supplies
  • You may reimburse yourself for qualified expenses that your insurance didn’t cover and you paid out-of-pocket. (Keep good records on this one.)

The following items are not eligible expenses:

  • Vitamins
  • Over the counter medicines
  • Elective cosmetic surgery

If the funds are already in your HSA, you can continue to use them to pay for qualified medical expenses. However, you are no longer allowed to make contributions to the account.

You can continue to use your account for qualified out-of-pocket medical expenses. Funds can also be used to pay for deductibles, co-pays and coinsurance after you are enrolled in Medicare.  

The purchase of a Medicare supplemental insurance policy is not considered a qualified expense.

After you turn 65, you are allowed to use the money in your HSA for non-medical expenses. If you choose to do so, the amount withdrawn will be treated as income. It is subject to income tax but not to penalties.

If you are married, the spouse becomes the owner of the account and can continue to use it as an HSA. If you’re not married, the account will no longer be considered a Health Savings Account and will pass to a designated beneficiary or become part of your estate. At that time, it will become subject to any applicable taxes.

Contact a Member Services Representative to open a HSA

Visit in person

Complete the Contact Form and we’ll get in touch.

Please don’t supply confidential information such as member number or password.

Call or Text

(325) 677-2274 – call or text

(800) 677-6770 – calls only