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With a Members 1st Health Savings Account (HSA), saving for medical expenses is simple and stress-free.
A health savings account (HSA) is a savings account that allows you to make pre-tax contributions to pay for qualifying medical expenses.
Have a High Deductible Health Plan (HDHP)
Not have any other major medical insurance coverage
Not be enrolled in Medicare
Not be claimed as a dependent by another individual
| Coverage Type | Annual Limit | Monthly Limit |
| Single Coverage | $4,400.00 | $366.67 |
| Family Coverage | $8,750.00 | $729.26 |
Anyone 55 or older can contribute an extra $1,000 as a catch-up contribution.
HSAs allow you to make tax-deductible contributions and accumulate earnings tax free. Plus, distributions are also tax free if used for qualified medical expenses.
With an HSA there is no “use it or lose it” risk. Any HSA funds not used throughout the year will remain in the account earning interest tax-free until they are needed. HSA funds can also be used to save for future medical expenses and even retirement!
Our HSA has no minimum balance requirement! Every dollar counts—whether you’re contributing a big or small amount. Plus, with no fees, you can watch your savings grow.
Your HSA account and all contributions are owned by you. The money is yours even if you change jobs, change medical plans, move, change your marital status, etc. You decide when and how to use the money in your account.
Whether your organization is big or small, rising healthcare expenses affect everyone. Health Savings Accounts (HSAs) offer a smart solution for your employees to manage these costs more effectively, with the added benefit of significant tax advantages.
If you offer High Deductible Health Plans (HDHP) and are seeking a new HSA provider, we might be the perfect fit for you!
What is a High Deductible Health Plan?
An HDHP is a health insurance plan with a higher deductible than traditional insurance plans.
What are considered qualified medical expenses?
Qualified medical expenses include things like doctor’s visits, prescriptions, dental care and vision care. You can view a detailed list of qualified expenses on the IRS website (opens in a new tab).
Can I use by HSA funds for non-medical expenses?
Yes, but if you withdraw funds for non-medical expenses before age 65, you will owe income tax on the amount plus a 20% penalty. After age 65, you can use the funds for non-medical expenses without penalty, but you will still owe income tax.
How do I access my HSA funds?
You can access your HSA funds through online banking and can use the funds with a Visa® Health Savings Debit Card, by ordering Health Savings checks or withdrawing cash at any one of our 60 branch locations.
Do HSA funds expire?
Nope! HSA funds roll over from year to year. There is no ‘use it or lose it’ rule, meaning the money you contribute can grow over time.
What happens if I change jobs or health plans?
Your HSA moves with you wherever you go, which means you always have access to it.
Can I invest the funds in my HSA?
Yes! Many HSA providers allow you to invest your funds in mutual funds, stocks or other investment options, allowing your money to grow tax-free over time.
