IMAGE: Wide view into glass conference room. Blurred figure walking in foreground.

Health Savings Accounts

Health Savings Accounts (HSAs)

Congress created tax-advantaged Health Savings Accounts (HSAs) that allow your employees with high-deductible insurance plans the ability to build savings for medical expenses for themselves and their families. HSAs allow your employees to contribute pre-tax money from their paychecks to cover qualified medical expenses, such as doctor visits, prescriptions, and even supplies (e.g., blood pressure monitors). It allows them to save for these expenses in a tax-free account that earns interest.

  • If you’re an employer that offers a high-deductible insurance plan, Texell Credit Union offers a Health Savings Account for your employees to build savings toward their own and their family’s medical expenses.

  • If you offer a high-deductible insurance plan and contribute to that plan, your employees may need an HSA to accept those funds.

There are limits to how much can be contributed:

2022 Maximum Contribution Limit Under 55 55 and over
Individual Coverage $3,650 $4,650
Family Coverage $7,300 $8,300

Check with an HR or tax professional to see if your employees qualify for an HSA. We’re happy to come to you and set up HSAs for your employees on-site if they do. Contact Marketing@Texell.org to get started.


How your employees can benefit from an HSA

  • Tax benefits: Deposits are tax-deductible, and all interest accrued in an HSA account is tax-deferred. Plus, withdrawals are tax-free if used for qualified medical expenses.
  • Portability: If your employees change their jobs, become unemployed or change their medical coverage, this account goes with them.
  • No use-it-or-lose-it rules: HSA account balance automatically rolls over to the next year
  • No monthly fees: No monthly service, maintenance, or minimum balance fees.
  • Earn dividends: They’ll earn dividends each quarter.


Your employees can open a Health Savings Account at Texell if they:

  • Have a qualified high-deductible health plan (HDHP)
  • Do not have coverage under another health plan
  • Are not enrolled in Medicare
  • Are not a dependent on another individual’s tax return

Access HSA funds conveniently with your free VISA® debit card, free Bill Pay service, or free checks. 

Find a location       HSA Savings Calculator



Frequently Asked Questions:









An HSA is a Health Savings Account. It allows those with high deductible health insurance plans to save tax-free money to help cover qualified medical expenses.

If you have a high-deductible health insurance plan, you can contribute pre-tax funds from your paycheck into an HSA and then use those tax-free funds to cover qualified medical expenses. This will help you save for medical expenses that you will incur throughout the year. 

2022 Maximum Contribution Limit Under 55 55 and over
Individual Coverage $3,650 $4,650
Family Coverage $7,300 $8,300

While you will receive a free VISA® debit card, you cannot use it at an ATM. You can use it at the doctor’s office, pharmacy, or medical supply store for qualified purchases. You’ll also get free Bill Pay and free checks.

No, the funds will roll over into next year’s account. There are no use-it-or-lose-it rules for this account.

You will become a member when you open an account. It takes five minutes or less to open an account online

Your one-time membership fee is only $5, and you’ll need to deposit at least $5 to open your account.

You’ll need to bring two forms of ID to open an account, such as a birth certificate, Social Security card, school or state ID, or Passport.

If you open your account in a branch, you will get your card that day. If you open online, you’ll typically receive your card within 7–10 days.