The Select Savings Account can help you reach your goals.
Health Savings Account
Health Savings Account
For when health is really wealth
Save more on the health services you need.
Save
Pay for medical expenses
Spend
Tax-free distributions
FLEXIBLE
Unused money rolls over
Health care savings made simple
A Health Savings Account (HSA) is a tax-advantaged way1 to save and pay for qualified out-of-pocket medical expenses for you, your spouse and your dependents. Plus, your unused funds will stay in your account for future use!
Looking for the best Health Savings Account? We’ve got you.
To enjoy Health Savings Account benefits, an HSA owner must:
- Be a Civic member
- Be covered under a High Deductible Health Plan (HDHP), and not covered by any other major health plan or enrolled in Medicare
- Not be eligible to be claimed as a dependent on another person’s tax return
- No minimum deposit required
- Rollovers are not subject to the annual contribution limits; however, you can make only one rollover within a 12-month period
- To qualify as a rollover and avoid a tax penalty, withdrawn funds must be re-deposited within 60 calendar days1
- Move all or any portions of the funds directly to another HSA tax-free
- Transfers are from custodian to custodian, so there are no tax penalties
- Save on qualified medical expenses for you, your spouse and your dependents
- Tax-deductible contributions and tax-free distributions for qualified medical expenses1
- Unused funds will stay in your account for future use
- Get an HSA debit card
- Member is responsible for card usage; Civic does not monitor purchases made on your HSA card for eligibility
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.
HDHP Minimum Annual Deductible
| Year | Single Coverage | Family Coverage |
|---|---|---|
| 2024 | $1,600 | $3,200 |
| 2023 | $1,500 | $3,000 |
Maximum Out-of-Pocket Expense Cap
| Year | Single Coverage | Family Coverage |
|---|---|---|
| 2024 | $8,050 | $16,100 |
| 2023 | $7,500 | $15,000 |
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.
HSA contribution limits
Health savings account contribution limits are based on your plan type. Contributions for the current year can be made until April 15 of the following year.
If you’re age 55 or older by the end of the tax year, you can increase your contribution limit by another $1,000 a year. This extra amount is the catch-up contribution allowed for HSAs. Contribution limits are indexed for inflation and can change annually.
Maximum Contribution Limits
| Year | Single Coverage | Family Coverage |
|---|---|---|
| 2024 | $4,150 | $8,300 |
Open your HSA
Apply for your HSA through our partner, Ascensus, and a Civic representative will be in touch and work with you through the process.
For the best member experience, apply using online banking on a computer.
Here are a few frequently asked questions:
You know that details matter. [And you are in good company.]
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.