Health Savings Accounts (HSAs)

Health Savings Accounts (HSA)

A Health Savings Account (HSA), when coupled with a High Deductible Health Plan (HDHP), enables you to take control of your own healthcare, save money on insurance costs and it can be used as a retirement vehicle. Contributions to your HSA are tax deductible and the account earnings will accumulate on a tax-deferred basis. Distributions from your HSA are tax-free if they are used for qualified medical expenses.

To get started, obtain a qualifying HDHP from your health plan administrator, then open a Health Savings Account at Elevations Credit Union. 

Open An Account

You may also call 800.429.7626 or stop by a branch to open an HSA.

Elevations Health Savings Account features include:

  • No annual or monthly fees
  • Debit card with no annual fee, making it easy to access and use your funds
  • A minimum opening amount of $100 on Standard HSA Certificates, making it easier to start saving
  • Option to earn higher rates when you open a Jumbo HSA Certificate with a minimum opening amount of $100,000
  • Contributions can be made by you, your employer, or both. Total contributions are limited annually by the Federal government and can be viewed on the Internal Revenue Service website
  • Funds federally insured up to $250,000

You can use a Health Savings Account for:

  • Qualified medical expenses*, such as doctor visits, prescription drugs, hearing aids and non-cosmetic dental treatments
  • COBRA Insurance
  • Qualified long-term care insurance and expenses
  • Funds may be used for eligible expenses for spouses or dependents, even if they are not covered by the HDHP

Health Savings Debit Card Terms & Conditions (PDF)
Health Savings Checking Account Terms & Conditions (PDF)

* See IRS Publication 502, page 5, for a more complete list of qualified medical expenses.

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Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency