Health Savings Accounts (HSA)

  • No Annual Fee
  • No Monthly Maintenance Fees
  • Debit Card with No Annual Fee
  • No Setup Fee
  • Funds Federally Insured up to $250,000

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 a Health Savings Account (HSA)

Call us: 303.443.4672, 800.429.7626  |  Stop by a branch

You can use an HSA for:

  • Qualified Medical Expenses* (such as doctor visits, prescription drugs, hearing aids, 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

Features

  • HSA Checking Accounts earn dividends
  • HSA Debit Card for easy access to your funds with no annual fee
  • HSA Certificates are also available.
  • A minimum opening amount of $100 on Standard HSA Certificates makes it easy to start saving. Earn higher rates on Jumbo HSA Certificates that have a minimum opening amount of $100,000.
  • Contributions can be made by you, your employer, or both. However, the total contributions are limited annually by the Federal government. More information is available from the U.S. Treasury.
  • Annual contribution limits can be viewed on the Internal Revenue Service website.

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