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 »
Open a Health Savings Account
in West Seattle
Open a Health Savings Account
in West Seattle
Pay for doctor visits, prescriptions,
dental check-ups, and more.
Our health savings accounts offer great perks – like triple tax benefits, retirement supplements, account ownership, and more! When you open a Sound Credit Union Health Savings Account (HSA) in West Seattle, you’ll experience the credit union difference with competitive rates and fees, tools and advice, and helpful service and support.
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. See a complete list of Approved Expenses »
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 belowCovered by a qualifying high-deductible health plan (HDHP)
see limits belowCovered 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 belowYes
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 belowYes
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 belowNo
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.
Mobile Pay
Tap and pay with your smartphone wherever contactless payments are accepted. It’s an easy and secure way to pay.
Mobile Deposit
Deposit checks into your Health Savings Account using Mobile Deposit on the Sound mobile app.
Plan Your Trip
Location & Hours
Address:
West Seattle Branch
4730 California Ave SW Ste C
Seattle, WA 98116
Hours:
Monday - Friday 9am - 5:30pm
Saturday Closed
Ready to open your Health Savings Account?
Stop by a local branch
Call us
Get the answers you need about Health Savings Accounts
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 2022 HSA contribution limits. Any 2022 HSA contributions can be made as late as the 2022 tax deadline in 2023.
2022 HSA Guidelines
HSA Contribution Limits
- Individual: $3,650
- Family: $7,300
HSA 55+ Catch-up Contribution Limit
- Individual: $1,000
- Family: $1,000
Note: Limits are adjusted annually for inflation.