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Health Savings Account (HSA)

Your health is important. With a Health Savings Account, or HSA, you can save for current or future medical expenses not covered by insurance.

Who Can Have An HSA?

When you pair a health savings account (HSA) with an high deductible health plan (HDHP), you can pay the high deductible and other qualified medical expenses using the money you put aside in your HSA. As mentioned above, eligible members must be enrolled in a HDHP. In addition, to be eligible, they must:

  • Have no other medical coverage, like Medicare
  • Not be claimed as a dependent on someone else’s tax return
  • Not have a flexible spending account (FSA) that provides duplicate coverage

This health coverage combination is best for members who rarely need to see a doctor, and can build their HSA contributions to create a nest egg because the money is rolled over from one calendar year to the next.


To save and build your HSA, you need to make contributions. These contributions are 100% tax deductible from your income. Some employers make contributions on your behalf, or that you can add to. Just make sure you don’t go over the contribution level set by the IRS. This could incur a 6% penalty fee. To find the current limits, visit the U.S. Department of the Treasury’s website.

Business HSA
  • Save money 4
    Interest based on tiered balances
  • Atm
    FREE Visa ATM/debit card
  • Free
    FREE online account access, viewing of cleared checks, and online bill pay
  • No money
    No monthly maintenance fees, annual fees, or minimum balance requirements

Using your HSA

You can use the money saved in your HSA to pay for “qualified medical expenses”, and the money does not have to be used solely by you. It can go towards the expenses of your spouse or dependent children, even if they are not covered by your HDHP.

Qualified medical expenses include most medical care and services, such as dental and vision care to over-the-counter drugs like aspirin. Also, funds can cover insurance deductibles and co-payments.

Interested in an HSA? Learn more by visiting your local branch or calling us at 800.728.8943.

What Qualifies As A Medical Expense?

Visit the IRS’ website to view a list of qualified medical expenses.