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Health Savings Account

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Health Savings Account (HSA)

An HSA is a savings account that allows you to put money aside on a pre-tax basis for qualified medical expenses. Funds can be used for a wide range of expenses, including doctor visits, prescriptions, vision, dental expenses, and more. 

Account Benefits

  • Covers most medical expenses for whomever is covered under the plan. 
  • Contributions are tax deductible. 
  • Tax-free withdrawals to pay for qualified medical expenses. 
  • No “Use it or Lose it” Rules – Any unused money in your account is carried over to the next year.
  • Contribute via payroll – Set aside a specific amount from your paycheck 
  • You own the account. Even if you leave your employer, relocate, or become unemployed, the money is yours.
  • After age 65, you can use the funds for non-medical expenses without penalty.

Belco HSA Account Features:

  • No monthly fee
  • Access your funds with your HSA debit card, checks, or through online and mobile banking. 
  • Free online Bill Payer

To open an HSA, please visit any branch location.

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Frequently Asked Questions:

To be an eligible individual and qualify for an HSA, you must meet the following requirements:

  • You are covered under a high deductible health plan (HDHP)  
  • You have no other health coverage except what is permitted under other health coverage.
  • You aren’t enrolled in Medicare. 
  • You can’t be claimed as a dependent on someone else’s tax return within the last year.

Currently, the limits are: 

  • Single Coverage Annual Limit:  $3,850.00 
  • Family Coverage Annual Limit:  $7,750.00 
  • If 55 or older, Catch Up Contribution:  $1,000.00 

View IRS guidance 

See IRS Publication for qualified medical and dental expenses.  

Yes, it is recommended that you keep your receipts for auditing purposes. You should keep records of your medical and dental expenses to support your deduction. Do not send these records with your return. 

You will not lose the money in your HSA account and you can continue to use the money for qualified medical expenses. However, you will not be able to make contributions to your HSA. 

Yes, you will receive an HSA debit card (upon request), checks (upon request) when the account is opened. You can also choose to enroll in our online Bill Payer service. 

Yes. For instructions on transferring your HSA to Belco, call 800-642-4482. 

Disclaimer: This is not intended as legal, financial, or tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.