For every part of your wellbeing.

With a Health Savings Account, you can prepare for medical expenses and grow your savings at the same time.

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Focus on being your best you.

Focus on being your best you.

A Health Savings Account (HSA) can supplement your high-deductible health plan, so you can prepare for medical expenses and stress less about the cost.

No one should have to choose between their physical health and their finances. By proactively saving for future medical expenses, you can stay on track with your other financial goals. The funds in the account grow tax-deferred, making this a great option to prepare for retirement too.1

To open an HSA, give us a call at 888.267.7200, visit any Lake Trust relationship center location, or fill out a quick contact form and we’ll reach out to you.

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What are the benefits of an HSA?

An HSA is an investment in your health. And you. By building your savings, you'll be prepared when you receive a bill or need to pay for a medical expense.

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Potential tax benefits.

Contributions to an HSA are made with pre-tax dollars, which means your taxable income may decrease.1

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Owned by you.

You own your HSA and funds in the account stay with you for life, even if you change jobs or retire.

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Savings protection.

With funds set aside specifically for medical purposes, you can protect prepare for unexpected costs.

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Funds roll over.

An HSA could help you save for retirement or future medical expenses, as funds roll over each year and grow tax-deferred.1

Learn about the differences between an HSA and a Flexible Spending Account (FSA) by visiting our Financial Wellbeing Library.

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How do I know if I qualify for an HSA?

HSA REQUIREMENTS

How do I know if I qualify for an HSA?

You may qualify for an HSA if you’re:

  • Currently enrolled in a high-deductible health plan (HDHP)
  • Not covered by another type of insurance
  • Not enrolled in Medicare
  • Not claimed as a dependent on another person’s tax return
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Examples of qualified expenses

An HSA can support your physical wellbeing, as well as your financial wellbeing. You can make an untaxed withdrawal from an HSA at any time if it is for a qualified medical expense. Learn more about the wellness and medical expenses that your HSA can cover. Visit the IRS website2 for a complete list of qualified medical expenses.

Medical Expenses

Dental & Vision Care

Medical Supplies

Wellness Care

Medical Expenses

  • Medical costs: Copays, deductibles, and coinsurance for medical expenses and drugs
  • Doctor visits: Visits to doctors, hospitals, chiropractors, podiatrists, and other specialties
  • Prescription drugs: Prescription medications
  • Birth control: Birth control and sterilization
  • X-rays and lab tests: X-rays and other diagnostic tests
  • Vaccinations: Vaccinations and immunizations
  • Emergency care: Emergency medical expenses

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Dental & Vision Care

  • Vision care: Glasses, contact lenses, and other vision expenses
  • Dental care: Dental and orthodontia expenses

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Medical Supplies

  • Over-the-counter items: Some over-the-counter medications and hygiene products
  • COVID supplies: COVID PPE supplies
  • Family planning: Family planning products

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Wellness Care

  • Weight loss programs prescribed by a physician
  • Gym memberships IF you have a Letter of Medical Necessity
  • Hearing care: Hearing tests, hearing aids, and other hearing loss expenses
  • Mental health: Treatment for mental health issues

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Frequently asked questions about HSAs.

What's considered a high-deductible health plan?

For 2025, a high-deductible health plan (HDHP) means you have a minimum annual deductible of $1,650 for self-coverage or $3,300 for family coverage and a maximum annual deductible of $8,300 for self-coverage or $16,660 for family coverage. View IRS Publication 9692 for more information.

What are the contribution limits for an HSA?

For 2025, you can contribute up to $4,300 if you have a self-only high-deductible health plan (HDHP). If you have a family HDHP, you can contribute up to $8,550. And you can make an additional $1,000 contribution to your HSA if you’re age 55 or over. View IRS Publication 9692 for more information.

How do I open an HSA?

Give us a call at 888.267.7200, visit any Lake Trust relationship center location, or fill out our HSA contact form to start your HSA. To find a relationship center near you, visit our locations page.

What's the difference between an HSA and an FSA?

There are a few key differences between HSAs and Flexible Spending Accounts (FSAs):

  • An FSA is usually offered by your employer, so you can’t open this account on your own and you can’t use the account if you leave your job.
  • You don’t have to have a HDHP to open an FSA (this is a qualification to open an HSA). So, the funds in the account can supplement almost any health plan.
  • Funds in an FSA don’t roll over each year like they do in an HSA. If you don’t use the balance in your account, you’ll lose the funds!

You can learn more about FSAs by visiting our Financial Wellbeing Library.

Are withdrawals from an HSA taxed?

You can make an untaxed withdrawal from an HSA at any time if it is for a qualified medical expense. If you make a withdrawal for an expense that does not qualify, the amount you withdraw is subject to income tax and an additional 20% tax. View IRS Publication 9692 for more information.

After age 65, you can make a withdrawal from your HSA for any purpose, including non-medical purposes, subject to normal income taxes.

Find more ideas to enhance your financial wellbeing.

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More HSA details.

Learn about Health Savings Accounts in more detail by visiting our Financial Wellbeing Library.

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Let’s work together to prepare your finances for your big plans ahead. 

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1 Qualified HSA contributions are tax deductible, and qualified distributions are tax free. Refer to IRS Publication 502 for a list of tax-free (qualified) medical distributions. Not intended to be tax advice; please consult with your tax advisor.

 

2 Third party website. Lake Trust Credit Union is not responsible for the content, availability, security or compliance of any linked third party websites. In addition, the site's privacy policies may differ from those of Lake Trust.