Health Savings Accounts

What is an HSA?

  • A Health Savings Account, or HSA, helps you save money and spend it on qualified medical expenses (at, you can access IRS Pub. 502 which shows the qualified medical expenses for HSAs).
  • HSAs help you be more informed and active in controlling you and your family’s health care expenses.
  • It’s a tool in which you pay for most of your health costs until you reach your deductible, then the insurance starts paying their portion of your medical expenses.


  • You must be enrolled in a High-Deductible Health Plan, known as an HDHP to be eligible for an HSA.
  • You are not covered by other health insurance plans.
  • You are not enrolled in Medicare.
  • You are not claimed as a dependent on another person’s tax return.

How Does it Work?

  • There are two different plans:
    • Single Plan: Covers a single policyholder
    • Family Plan: Designed to cover the primary policyholder and dependents

Contribution Limits for 2024

Single Family
$4,150.00 $8,300.00
  • Catch up contributions are available for eligible members 55 and older.
  • You have until tax filing deadline to add to your HSA for the previous year. So, if you haven’t reached your contribution limit for that tax year, you might consider making a lump-sum contribution to your account.
  • If you don’t use the money in the account by the end, you won’t lose it! I will rollover to the next year!

Key Information

  • We currently offer two products for your HSA: HSA Money Market & HSA Checking. 
  • These accounts are set up like our tiered IRA Money Market Account and Free Checking.
  • You may access your funds through an HSA debit card or checks, and make cash withdrawals at any of our retail branches.
  • You can also make transactions through Online Banking

If you are interested in learning more about opening an HSA, please visit a local branch or call: (800) 397-3790