Health Savings Account (HSA)

Tax-advantaged1 funds and medical and dental discounts to help you save on doctor visits, prescriptions, and more

What is a Health Savings Account (HSA) ?

An HSA is for individuals and families with High Deductible Health Plans. It is an IRA-like account that allows you to save for present and future health expenses. All account balances are interest-paying and federal tax-deductible.

Interest earned:

  • 0.05% to 0.15% APY2
  • 0.05% monthly interest on balances $0–$2,000
  • 0.10% monthly interest on balances $2,000.01–$3,500
  • 0.25% monthly interest on balances over $3,500.01

Wondering how much you could save with an HSA? Use our calculator below to find out.

Contributions are made into the account by the individual or their employer and are limited to a maximum amount each year. The contributions are invested over time and can be used for qualified medical expenses, such as medical, dental, and vision care, as well as prescription drugs. Qualified withdrawals are tax and penalty free at any time regardless of age or length the account has been open, and if used for qualified health care expenses. Contributions are limited and will be reported to the IRS.

An HSA provides easy options for contributions and withdrawals:

  • Fast and convenient access through HSA debit cards and HSA checks. Also available through a check withdrawal at any Patelco branch
  • Anyone can contribute to your HSA on your behalf, including employers and family
  • No minimum to open and no fee the first year3
  • IRA holders are permitted to make a one-time transfer to their HSAs

Health Savings Accounts

Tax savings

HSA delivers federal tax savings, tax-free earnings and more


Use the funds to pay for current medical expenses or save for future qualified health needs

Tax-free interest growth

No “use it or lose it” rules with an HSA

Easy Access

Keep your HSA or move it between financial institutions if you change jobs

Prescription Savings Program

Family saves money on all prescription medication purchases

Access to

Get quality, convenient, and low-cost lab testing

Health Savings Account (HSA) Calculator

Is an HSA with a high deductible plan right for me?

Calculations provided are for demonstration purposes only and do not guarantee credit approval for the rate and terms displayed.

Frequently Asked Questions

    You’re eligible for HSA if you are not enrolled in Medicare and…

    • You have a High Deductible Health Plan (HDHP) on the first day of the month in which the HSA is established
    • You’re not covered by another health plan that reimburses you for expenses, unless it is another HDHP.
    • And — you’re not eligible to be claimed as a dependent on another person’s tax returns.

    An HDHP is a High Deductible Health Plan is health insurance with a high minimum deductible for medical expenses that must be paid before insurance kicks in. In other words, your monthly premium is usually lower, but you pay more health costs yourself before the insurance company covers its share.

    Yes and no. Once you have Medicare, you can no longer make contributions to your HSA. You can still withdraw the funds for qualified medical expenses.

    The check will be returned and your account will be charged a fee for non-sufficient funds.
    – The IRS considers overdrafts as prohibited transactions.

    Yes, HSAs are portable. You can transfer the assets in your HSA from another financial institution to Patelco.

Manage your Health Savings Account (HSA) with ease

Manage your Health Savings Account (HSA) simply and securely in Patelco Online. You can:

  • Get account and dividend details
  • Check balances
  • View your HSA debit card transaction history
  • Send us a secure message should you need us

1 Consult your tax advisor about HSA tax advantages.

2 APY = Annual Percentage Yield

3 $2 monthly fee (Fee is waived for 1st year)


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