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Health Savings Account
Save and pay for qualifying medical expenses for you, your spouse and dependents with a tax-advantaged Health Savings Account (HSA)
Save
Make tax-deductible contributions1 to pay for qualified medical expenses
Spend
Use an HSA debit card to pay for eligible medical expenses
Flexible
HSA funds can roll over for future use
Why open a health savings account?
Medical expenses for you, your spouse and dependents can add up, especially when you have a High Deductible Health Plan (HDHP). A Health Savings Account (HSA) can give you tax advantages to help save and pay for eligible out-of-pocket medical expenses like doctor visits, prescription drugs, over-the-counter medicines, and more.
How does a health savings account work? With an HSA, you make tax-deductible contributions, then use your Civic Health Savings Account debit card to pay for qualifying medical expenses with your tax-free distributions. Each year, any unused funds roll over and stay in your HSA savings account for future use. For a complete list of qualified HSA distributions, visit the IRS website to view Publication 969 and Publication 502.
Terms
- Must be covered by a High Deductible Health Plan (HDHP), not covered by any other major health plan or enrolled in Medicare
- Must not be eligible to be claimed as a dependent on another person’s tax return
- Rollovers are not subject to the annual contribution limits; you can make only one rollover in a 12-month period
- To qualify as a rollover and avoid a tax penalty, withdrawn funds must be redeposited within 60 calendar days1
Features
- Can move all or any portion of funds directly to another HSA
- Transfers are custodian to custodian, so no tax penalties
- No minimum deposit required
- Available to Civic members with HDHPs
Health Savings Account
Annual deductibles and expense caps
| 0 | Year | Single coverage | Family coverage |
|---|---|---|---|
| 1 | 2024 | $1,600 | $3,200 |
| 2 | 2025 | $1,500 | $3,000 |
Maximum out-of-pocket expense cap
| 0 | Year | Single coverage | Family coverage |
|---|---|---|---|
| 1 | 2024 | $8,050 | $16,100 |
| 2 | 2025 | $7,500 | $15,000 |
Open your HSA
Apply for your HSA through our partner, Ascensus, and a Civic representative will be in touch to work with you through the process.
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Here are a few FAQs
Do I need to be a Civic member to open an HSA?
Yes. Join the credit union with just $25, and get started today!
What is a High Deductible Health Plan (HDHP)?
An HDHP is a medical insurance plan with a minimum annual deductible and a maximum out-of-pocket expense cap. With an HDHP, you may pay a lower monthly premium but have a higher deductible (meaning you pay for more of your health care items and services before the insurance plan pays).
Deductible and out-of-pocket expense limits may be adjusted annually to account for cost-of-living increases.
What is a qualified HSA distribution?
You can use your HSA to pay for doctor visits, prescription drugs or over-the-counter medicines prescribed by a doctor for you, your spouse and your dependents. Be sure to use your HSA debit card for eligible purchases. For a complete list of qualified HSA distributions, visit the IRS website to view Publication 969 and Publication 502.
HSAs can have tax consequences for nonqualified distributions. Civic does not monitor purchases made on your HSA card for eligibility. Consult a tax or financial advisor for additional information.
Open a Health Savings Account to save and pay for qualifying medical expenses
High Deductible Health Plans (HDHP) may give you lower monthly premiums, but you also get higher deductibles. Be ready with a Civic HSA, a tax-advantaged account that helps you save and pay for qualifying medical expenses.
1 Civic membership required to open a Health Savings Account. No minimum deposit required. Civic does not monitor the eligibility of HSA purchases. Consult a financial advisor or tax professional for additional guidance.
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