Health Savings Accounts (HSA) WA
Save pre-tax dollars for future qualified medical expenses.
Pay for doctor visits, prescriptions, dental check-ups and more with pre-tax dollars.
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 Expenses
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 or checks.
HSA Eligibility
-
At lease 18 years old
At lease 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 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 lease 18 years old
-
Covered by a qualifying high-deductible health plan (HDHP)
see limits below -
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 lease 18 years old
-
Covered by a qualifying high-deductible health plan (HDHP)
see limits below -
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 lease 18 years old
No
-
Covered by a qualifying high-deductible health plan (HDHP)
see limits belowNo
-
Covered by Medicare
-
Covered by another health plan that is not an HDHP
-
Claimed as a dependent on another person’s tax return
Use Sound’s HSA debit card on a tax-free basis, for things like routine health-care costs and over-the-counter medications.
HSA Debit Card
Best if you’re interested in…A convenient payment method for eligible HSA expenses.
HSA Guidelines
-
Individual (2024)
Individual (2024)
-
Family (2024)
Family (2024)
HDHP Minimum Deductible
-
Individual (2024)
$1,600
-
Family (2024)
$3,200
HDHP Annual Out-of-Pocket Limit
-
Individual (2024)
$8,050
-
Family (2024)
$16,100
HSA Contribution Limit
-
Individual (2024)
$4,150
-
Family (2024)
$8,300
HSA 55 Catch-up Contribution Limit
-
Individual (2024)
$1,000
-
Family (2024)
$1,000
Get the answers you’re looking for.
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 »
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.
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.
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Ready to open your Health Savings Account?
Disclosures
* For specific tax advice, consult your tax advisor.