Open a Health Savings Account (HSA) in Key Center
Pay for doctor visits, prescriptions, dental check-ups, and more when you open a health savings account in Key Center .
Our health savings accounts offer great perks – like triple tax benefits, retirement supplements, account ownership, and more! When you open a Sound Credit Union HSA in Key Center , you’ll experience the credit union difference with competitive rates and fees, tools and advice, and helpful service and support. Conveniently located, we hope you’ll stop by to experience the difference today!
Triple Tax Benefits*
Contribute with pre-tax dollars, receive tax-free returns, and make tax-free withdrawals.
No “Use It or Lose It” Rules
Any unused money in your account is carried over to the next year and accrues interest.
Use for Nearly Any Medical Related Expense
Funds can be used for a wide range of items.
You Own The Account
Even if you leave your employer, relocate, or become unemployed, the money is yours.
Supplement Your Retirement
After age 65, you can use the funds for non-medical expenses without penalty.
Easy Account Access
Access your funds with your HSA debit card, checks, or through Online and Mobile Banking.
HSA Eligibility
-
At least 18 years old
At least 18 years old
-
Covered by a qualifying high-deductible health plan (HDHP)
see limits below
Covered by a qualifying high-deductible health plan (HDHP)
see limits below
-
Covered by Medicare
Covered by Medicare
-
Covered by another health plan that is not an HDHP
Covered by another health plan that is not an HDHP
-
Claimed as a dependent on another person’s tax return
Claimed as a dependent on another person’s tax return
Eligible
Individual HSA
-
At least 18 years old
Yes
-
Covered by a qualifying high-deductible health plan (HDHP)
see limits below
Yes
-
Covered by Medicare
No
-
Covered by another health plan that is not an HDHP
No
-
Claimed as a dependent on another person’s tax return
No
Eligible
Family HSA
-
At least 18 years old
Yes
-
Covered by a qualifying high-deductible health plan (HDHP)
see limits below
Yes
-
Covered by Medicare
No
-
Covered by another health plan that is not an HDHP
No
-
Claimed as a dependent on another person’s tax return
No
Not Eligible
-
At least 18 years old
No
-
Covered by a qualifying high-deductible health plan (HDHP)
see limits below
No
-
Covered by Medicare
Yes
-
Covered by another health plan that is not an HDHP
Yes
-
Claimed as a dependent on another person’s tax return
Yes
HSA Guidelines
-
Individual (2023)
Individual (2023)
-
Family (2023)
Family (2023)
HDHP Minimum Deductible
-
Individual (2023)
$1,500
-
Family (2023)
$3,000
HDHP Annual Out-of-Pocket Limit
-
Individual (2023)
$7,500
-
Family (2023)
$15,000
HSA Contribution Limit
-
Individual (2023)
$3,850
-
Family (2023)
$7,750
HSA 55 Catch-up Contribution Limit
-
Individual (2023)
$1,000
-
Family (2023)
$1,000
Make Managing your HSA Easier
Online and Mobile Transfers
Send your cash right where you need it with real-time online transfers. Read about online banking and learn about our mobile app.
Mobile Deposit
Deposit checks into your Health Savings Account using Mobile Deposit on the Sound mobile app. Learn more about mobile banking.
Mobile Pay
Tap and pay with your smartphone wherever contactless payments are accepted. It’s an easy and secure way to pay. Learn more about Mobile Pay.
Get the answers you need about Health Savings Accounts
A health savings account (HSA) is a bank account that can be used to pay medical expenses, tax-free, if you have a health plan with high out-of-pocket costs.
Sound Credit Union offers Health Savings Accounts. Learn More »
To open an HSA, you need a high deductible health plan (HDHP) that you either purchase on your own or get through your employer’s health insurance plan.
Sound Credit Union offers Health Savings Accounts. Learn More »
You can use your HSA to pay for qualified medical expenses, defined by the IRS, including medical care, vision and dental care expenses, prescription drugs, and payments for long-term care services and insurance.
Sound Credit Union offers Health Savings Accounts. Learn More »
As a Health Savings Account (HSA) holder, you must report all contributions and distributions on your income tax return. Non-qualified uses of HSA assets are subject to taxes and a 20% penalty, unless the beneficiary is age 65 or older, deceased, or disabled.
Below are the 2024 HSA contribution limits. Any 2023 HSA contributions can be made as late as the 2023 tax deadline in 2024.
2024 HSA Guidelines
HSA Contribution Limits
- Individual: $4,150
- Family: $8,300
HSA 55+ Catch-up Contribution Limit
- Individual: $1,000
- Family: $1,000
Note: Limits are adjusted annually for inflation.
Ready to open your Health Savings Account?
Back to top Disclosures
* For specific tax advice, consult your tax advisor.