Health Savings Account

Our Health Savings Accounts combine a great way to save for qualified medical expenses with important tax advantages:

• Contributions (deposits) may be tax deductible.
• Earnings are tax free.*
• Distributions (withdrawals) for qualified medical expenses are tax free.

There’s More to the Story

• Your Health Savings Account (HSA) is portable. So it stays with you even if you leave the work force or change jobs, employers, or your medical coverage.
• Your HSA funds roll over from year to year. So you don’t have to spend the money in your account every year like you do with a flexible savings account.
• Your account comes with a free ESL Visa® HSA Card. You can use it to pay qualified expenses like copays and prescriptions.

Get the Convenience of Banking with ESL

• Make contributions at any ESL ATM or branch. You can also make contributions through payroll deduction, direct deposit, mobile deposit, or bank-by-mail.**
• Check your account balance and transaction information quickly and easily by using mobile banking and online banking.

Three Ways to Pay Qualified Medical Expenses

• Use your ESL Visa HSA Card to pay for qualified expenses like copays and prescriptions and to make payments online when you use the billers’ online payment sites.
• Withdraw cash from your account to pay for qualified expenses.
• You can write checks on your account to pay for medical expenses, too.

Tax advantages. Flexibility. Bank-the-way-you-want convenience.

Those are just some of the reasons why an ESL HSA could be a healthy savings choice for you.

Eligibility

You are eligible to open an ESL Health Savings Account if you are:

• An ESL member covered by a high-deductible health plan (HDHP).
• Not enrolled in Medicare.
• Not eligible to be claimed as a dependent on another person’s tax return.

Contribution Limits

When you open an ESL Health Savings Account, your annual contributions are subject to IRS limits. Here are the maximum contribution limits for 2024:

• Single Plan:    $4,150
• Family Plan:    $8,300

The IRS also allows people age 55 and over to make an additional “catch-up” contribution:

• The maximum “catch-up” contribution for both single-plan and family-plan accounts is $1,000 for 2024.

IRS Information

• All transactions are reported to the IRS – so make sure you keep track of all receipts and records of purchases.
• Any non-qualified expense may be subject to an IRS penalty.
• For tax reporting purposes, you will receive a 1099-SA form from ESL by January 31 each year and a 5498-SA form by May 31 each year.
• For a complete list of qualifying medical expenses, go to www.irs.gov.

Additional Information

• Current year contributions to your HSA account can be made at any ESL ATM or branch. You can also make contributions through payroll deduction, direct deposit, mobile deposit, in Online Banking, or bank-by-mail. Contributions for the previous tax year must be made in branch.
• You may order checks for your HSA account.
• The cost of your HSA checks will be charged to your account when your checks are mailed to you (prices vary depending on the quantity selected).
• To activate your card, set up your PIN, or change your PIN, please call 844.433.1140. If you know your PIN, you may also activate your card at any ESL ATM. Just perform an ATM transaction that requires entry of your PIN (balance inquiry, deposit, withdrawal, or transfer).

Learn about the most common fees that are incurred on ESL savings accounts.  Click here for a complete listing of all ESL fees.

Your Health Savings Account includes free access to and use of online and mobile banking to check accounts, transfer money, or manage your personal information. This includes online and mobile bill pay and mobile deposit.

It’s easy to open a Health Savings Account:

• Connect with us so we can help.
• Be prepared with the documentation needed to open an account. Learn more >

We look forward to helping you save for your qualified medical expenses.