Health Savings Account

Unexpected medical expenses are a fact of life. You don't know when they will impact you, so it's best to be prepared with all the tools at your disposal. PremierOne Credit Union offers health savings accounts for our members that can help you pay for qualified medical expenses. This account is built to assist you in paying for simple things like medication or even to help you bridge the gap until your deductible kicks in. Here's what you need to know about our health savings accounts:

Requires a high-deductible health plan
Pays dividends
Disbursements are tax-free when used for qualified medical expenses*
Free Visa® Debit Card
Checks are available
If you are 55 and older you can contribute more**
Access from online and our mobile banking app

View HSA Rates

Health Savings Account FAQs

What is a High-Deductible health Plan (HDHP)?

Essentially, the HSA-qualified high-deductible health plan* is health insurance that does not cover first-dollar medical expenses. The deductible must apply to all medical costs covered by the plan, and the HDHP must have a minimum deductible of:

$1,700** for self-only coverage and
$3,400** for family coverage.
A maximum out-of-pocket limit (including deductibles and co-pays) of $8,500** for individuals and
$17,000** for families.

*Other criteria applies. Check with your insurance provider or tax advisor to ensure that the HDHP is HSA qualified. **Amounts for 2026. Adjusted annually for inflation.

What happens if I spend my HSA money on non-qualified expenses?

HSA funds used for anything other than “qualified medical expenses” are taxable as income and subject to an additional 20% tax penalty. After you turn age 65, or if you become disabled, the 20% additional tax penalty no longer applies. Please consult a tax professional.

What medical expenses qualify?

Qualified medical expenses include:

Most medical care and services
Prescriptions and over-the-counter drugs, such as aspirin
Dental and vision costs, even if they are not covered by your insurance plan
Healthcare coverage during periods of unemployment
Qualified long-term care insurance

Who can contribute, when, and how much?

You or any other person, including an employer or a family member, can make HSA contributions on your behalf by the tax-filing deadline. Money can be deposited into the account each year that you are eligible, up to the amount specified by law. Maximum HSA contribution limits are as follows:

Year	Self-Only Coverage	If 55 Years of Older	Family Coverage	If 55 Years or Older
2026	$4,400	$5,400	$8,750	$9,750

Individuals 55 years of age or older can make additional “catch-up” contributions, with $1,000 annual maximums.

Additional Resources

*Consult your tax advisor for qualifying expenses and deductibles. HSA holders can choose to save up to $4,400 for an individual and $8,750 for a family (**HSA holder 55 and older get to save an extra $1,000 which means $5,400 for an individual and $9,750 for a family.)