Paired with your High Deductible Health Plan, it's a better way to save for qualified medical expenses, now and for the future.
Unlike a flexible savings account, ESL Health Savings Account funds roll over from year to year and move with you if you change jobs, your job status or your medical coverage.
More to benefit you:
Easy access with your ESL Visa® HSA Debit Card
Potential tax savings1
Contributes to Owners' Dividend2
What is an HSA?
It's a tax-advantaged account for Members and dependents covered by a High Deductible Health Insurance Plan (HDHP). You can use account funds to pay for current qualified medical expenses or save for future/unexpected medical needs. Unlike a (less than) flexible savings account, the funds roll over from year to year and move with you if you change jobs, your job status or your medical coverage.
Are you eligible?
You are eligible for an ESL HSA if you're an ESL Member, enrolled in an HDHP, not covered by any health plan that is not an HDHP, not enrolled in Medicare and not eligible to be claimed as a dependent on another person's tax return.
Basics on how it works
Pre-tax contributions can be made by you, your employer or both (as one-time deposits, payroll deposits, etc.), up to the annual contribution limit. You will receive an ESL Visa® HSA Card that can be used to pay for any qualified out-of-pocket medical expenses like co-pays and prescriptions or long-term-care services. (Go to irs.gov for a complete list of qualifying expenses.) Your HSA contributions and distributions/withdrawals are reported annually to the IRS. But it is important that you keep all receipts and records of purchases. You will receive a 1099-SA from ESL by January 31 and a 5498-SA form by May 31 each year.
Important ESL HSA features that benefit you:
Annual Contribution Limits
Catch-up contribution (55+)
Funds remain yours
From year to year
If you change jobs or leave the workforce
If you change medical coverage
Consult your tax advisor
Contributions may be tax deductible
Tax-free distributions for qualified medical expenses
Easy To Use
Make deposits in branch or by mail, Direct Deposit or ESL ATM (limit 2 per day)
Make payments using your ESL Visa® HSA Debit Card, checks or ATM cash withdrawals3
View balances and transactions online and with Mobile Banking
Account earns dividends
Based on variable rate4
Opening an ESL HSA is simple. Talk to any of our helpful ESL representatives in branch, by phone or through ESL Online Chat for complete information.
1: Consult your tax advisor. 2: Qualification for the Owners’ Dividend is subject to eligibility requirements. Payment of a Dividend is not guaranteed. 3: Unlimited, free transactions when using an ESL ATM card or ESL Check Card at an ESL ATM. Five free non-ESL ATM withdrawals per month per account with direct deposit or Premier Checking; however, the ATM owner may still charge a fee. Limit of two ATM deposits per day at any ESL. First $200 daily deposit available immediately. 4: Rates are variable and subject to change without notice. To open a Health Savings Account (HSA), you must complete a separate application and meet the eligibility requirements set by the IRS and the Treasury Department. Contributions to and distributions from your HSA are subject to rules determined by the IRS and are reportable to the IRS. It is your responsibility to spend your Health Savings Account (HSA) funds for qualified medical expenses, as defined by the Internal Revenue Service (IRS). Please refer to the Health Savings Custodial Account Agreement for more information regarding your HSA. Refer to ESL Fee Schedule for any applicable fees.