Health Savings Accounts

A Health Savings Account (HSA) lets those with a qualified high-deductible health plan (HDHP) save pretax money to pay for qualifying health care expenses like doctor visits, pharmacy expenses, and dental and vision check-ups. 

Why Open an HSA?

  • Triple tax benefits*
        Pretax Contributions – HSA contributions can be made with pretax dollars.
        Tax-free Gains – Earnings on the money in your HSA are tax-free.
        Tax-free Withdrawals – You won’t be taxed on money used for qualified medical expenses.
  • No “use it or lose it” rules
    Any unused money in your account is carried over to the next year and accrues interest.
  • 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
    Free HSA debit card and checks
    Online and Mobile Banking account access

Am I Eligible?

Answer the questions below to see if you’re eligible for an HSA. 

 HSA Eligibility Eligible
Individual HSA
Family HSA
Not Eligible
Are you at least 18 years old? Yes Yes No
My health plan Are you covered by a qualified HDHP? (see limits below) Yes Yes No
Are you covered by Medicare? No No  Yes
Are you covered by another health plan that is not an HDHP? No  No Yes
Can you be claimed as a dependent on another person’s tax return? No No  Yes
Ready to open? Make sure you have the following available:
• SSN for beneficiary(s) and authorized signer(s)
• State-licensed ID
open individual HSA online open family HSA online  

Annual Contribution and Qualifying Limits

Sound Credit Union offers both Individual and Family HSAs. The type of HSA you open will depend on the coverage level of your HDHP. If you are unsure of your coverage level, please check with your plan administrator.

2017 HSA Guidelines

  HDHP Minimum Deductible HDHP Annual
Out-of-Pocket Limit
HSA Contribution Limit HSA 55+ Catch-up Contribution Limit
Individual $1,300 $6,550 $3,400 $1,000
Family $2,600 $13,100 $6,750 $1,000

Learn More

Frequently Asked Questions – Health Savings Accounts – Qualifying Medical and Dental Expenses


All Health Savings Accounts require a Prime Savings to open.
Annual contribution and qualifying limits are set by the Internal Revenue Service (IRS). 
Proceeds from an Individual HSA can be used toward family medical expenses.
*Consult a tax advisor for details.

Routing #: 325183220

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