Health Savings Account (HSA)

A health savings account (HSA) is a tax-advantaged savings account that helps you pay for qualified medical expenses. HSAs are designed to work alongside a high-deductible health plan (HDHP), allowing you to contribute pre-tax dollars, grow your funds tax-free, and withdraw money tax-free when used for eligible healthcare costs.

To open an HSA, you must be enrolled in a qualifying high-deductible health plan (HDHP), not be enrolled in Medicare, and not be claimed as a dependent on someone else’s tax return. If you meet these criteria, you can open an HSA regardless of income level or employment status. 

The IRS sets annual contribution limits for HSAs. For 2025, individuals can contribute up to $4,300 and families can contribute up to $8,550. If you're age 55 or older, you can contribute an additional $1,000 as a catch-up contribution. These limits are subject to change each year.

HSA funds can be used for a wide range of qualified medical expenses, including doctor visits, prescriptions, dental care, vision expenses, mental health services, and more. The IRS provides a full list of eligible expenses in Publication 502. You can even use HSA funds for past expenses, as long as they were incurred after the account was opened.

Many members prefer to work with credit unions because of the personalized service and local impact that credit unions can offer. At Elevations, we prioritize member-first service, transparent pricing, and no monthly fees.

Yes. You can have more than one HSA and you're free to transfer or roll over your HSA funds from one provider to another. If you're looking to switch to Elevations Credit Union, we make the transition smooth and simple. 

You can access your funds using your Elevations HSA debit card, online banking, or mobile app. This makes it easy to pay for medical expenses at the point of service or reimburse yourself later for out-of-pocket costs. 

Yes. Your HSA funds are insured through the National Credit Union Administration (NCUA) up to the applicable limits, providing you with peace of mind and financial security.

No. One of the biggest advantages of an HSA is that the funds never expire. Your balance rolls over from year to year and stays with you even if you change jobs, switch insurance plans, or retire.

Opening an HSA at Elevations Credit Union is easy. You can get started online or visit a branch to speak with a team member. We’ll guide you through eligibility, contribution options, and how to make the most of your HSA benefits.