Invest in your health today & tomorrow

Take advantage of tax-free savings for qualified medical expenses now. Your future self will thank you!

Health Savings Account
The Run Down
  • Save money tax-free for medical expenses
  • No initial deposit. No minimum balance needed. No account maintenance or transaction fees for health savings account
  • Your account stays with you — wherever you work and after you retire
  • Free Visa® HSA debit card, mobile and online bill pay. First package of checks free.
  • High dividends paid monthly for accounts with average balances of $100 or more in savings
  • Low-cost investment options available for accounts with balances above $1,000
  • Health Savings Account Shares insured to at least $250,000 by NCUA
Rates
0.65 %
APY
0.648 %

With an average daily balance of $100 or more

Bank on the Go!

Our mobile app gives you access to your Alliant Account in the palm of your hand.

Download the Mobile App


Kiplinger's logo

"Best Deals in Banking of 2016" - Kiplinger's

NerdWallet

"Best Savings Account in 2017" - NerdWallet

Magnify Money Award

"Best Online Savings Account in 2017" - MagnifyMoney


Health savings account 101

With an Alliant Health Savings Account, you, your employer, or someone on your behalf can deposit funds to pay for current or future medical expenses. Funds used for qualified medical expenses, including dividends, are tax-free7. Unused funds remain in the HSA year after year, earning tax-deferred dividends. Unlike a Flexible Spending Account (FSA), there's no "use it or lose it" provision in an HSA.

Once you are age 65 or become disabled, you can withdraw funds from your HSA for both medical and non-medical expenses (but the non-medical uses will be taxable at that time.)

The information above is not intended to be tax advice. Each individual’s tax situation is different. You should consult with your tax professional to discuss your personal situation.

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Annual Contribution Limits

HSA Guidelines for 2017

 

  HSA Contribution Limit HDHP Minimum Deductible HDHP Maximum Out-of-Pocket HSA 55+ Contribution Limit
Single $3,400 $1,300 $6,550 $4,400

Family

$6,750 $2,600 $13,100 $7,750

If you use an HSA to pay for unqualified medical expenses, the tax penalty is 20% of the HSA distribution.

 

HSA Guidelines for 2018

  HSA Contribution Limit HDHP Minimum Deductible HDHP Maximum Out-of-Pocket HSA 55+ Contribution Limit
Single $3,450 $1,350 $6,650 $4,450

Family

$6,900 $1,350 $13,300 $7,900

If you use an HSA to pay for unqualified medical expenses, the tax penalty is 20% of the HSA distribution.

Am I eligible for an Alliant HSA?

Answer these questions to determine your eligibility:
  • Are you at least 18 years old?
  • Are you covered by a qualified High Deductible Health Plan?
  • Do you have an HSA account at another financial institution but are not covered currently by a High Deductible Health Plan? In other words, you are moving an existing HSA from another financial institution to Alliant via a direct transfer or rollover. 
  • Are you covered by another healthcare plan (except some specialized plans such as specific injury or accident, dental, vision or long term care) (if yes, you may not be eligible to contribute to an HSA)
  • Are you enrolled in Medicare? (If yes, you may not be eligible for HSA contributions.)
  • Have you received VA medical services within the previous three months? (If yes, you may not be eligible for HSA contributions.)
  • Are you claimed as a dependent on someone else's tax return? (If yes, you may not be eligible for HSA contributions.)

Setting up an Alliant HSA

Not a current Alliant member?

If you aren't currently an Alliant member, you'll need to become a member before opening an Alliant HSA. Don't worry. It's easy, and we'll even add the first $5 into a savings account for you71! Then, it's your choice if you'd like to add more to the regular savings account in the future. Regardless, you'll have access to your HSA account!

How to move an HSA from another bank to Alliant
Follow our step-by-step instructions on completing a direct transfer or rollover to move your HSA funds into an Alliant HSA

Here's a quick way to access HSA forms

View HSA Forms

Five steps to get started85
  1. Verify HSA eligibility (see criteria above).
  2. Calculate how much you are eligible to contribute monthly to your account.
  3. Open an HSA account within online banking.42
  4. Fund your HSA by check deposit or transfer from an Alliant account. If your employer will be funding the HSA, provide your employer with your 14-digit HSA account number and Alliant ABA/routing # 271081528. Use the HSA Deposit Authorization Form to get started.
  5. Set up beneficiaries online or by completing the HSA Beneficiary Designation form.
Two great ways to grow your savings
  1. Our high-rate HSA provides you with a dividend rate of 0.648% (0.65% APY). Your Alliant deposits are insured up to $250,0008 by the NCUA.
  2. You may want to invest your HSA funds to possibly earn even greater returns. If so, consider signing up for the HSA Investment program through our Self Managed Investing Tool23,74. See the current list of mutual funds available for HSA investing.
24/7 account access

You can easily access your account any time, day or night, via online, mobile banking or by phone.

Use your free Visa HSA debit card, mobile or online banking to quickly pay for all eligible expenses. Or you may write a check for these expenses.

Qualified expenses

Be sure to maintain all healthcare related receipts that you pay with your HSA account. In case of a tax audit, you may be asked to substantiate the expense.

Using HSA funds to pay for a non-qualified medical expense is taxable as income and subject to an additional 20 percent penalty by the IRS. To get a complete list of qualified medical expenses, download the IRS Medical and Dental Expenses (PDF) publication.

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Health Savings Account Rates58

0.65 %
APY
0.648 %

Let Me Know When Alliant Rates Gets Even Better

Health Savings Account Fees

View our full fee schedule.41

HSA Monthly Maintenance Fee Free
Visa® HSA Debit Card Free
Online Banking, Bill Pay, Mobile Banking and Deposits Free
eStatements (electronic account statements) Free
1st Box of HSA Checks when opening a new HSA Account Free
Paper Account Statement Fee (each) $1
Non-Sufficient Fund (NSF) Item (each) $25

Health Savings Account FAQs

Can my HSA funds pay for medical expenses of my spouse and dependents if they’re not HDHP covered?

Yes. You may always use HSA funds to pay your qualified medical expenses, as well as the qualified medical expenses of your spouse and your dependents.

Can I add an authorized user to my HSA account?

Yes, authorized users – generally covered family members such as a spouse or partner and dependents over the age of 18 who are not living in the same household – can be added to your Alliant HSA account as authorized users. In Alliant Online Banking, on the main account page, click on the "Options" link to the right of your HSA balance on the main account page. Click "Manage Authorized Signer" and then "Add a New Authorized Signer" and complete the form. Or download and complete the HSA Authorized Signer Add/Delete Form and mail or fax it to Alliant (the address and fax number are listed on the form). 

Can I use Alliant’s mobile and online Bill Pay with my Alliant HSA?

Yes. You can use the free Alliant Online Bill Pay to make a payment from your Alliant HSA for qualified medical expenses.

Where do I send checks for deposit to my Alliant IRA, HSA, or ESA account?

Mailing Address 
Alliant Credit Union
Attn: IRA/HSA Dept.
P.O. Box 66945
Chicago, IL 60666-0945

Overnight Service
Alliant Credit Union
Attn: IRA/HSA Dept.
11545 W. Touhy Avenue
Chicago, IL 60666
773-462-2291

How do I know if the HDHP I have qualifies me for an HSA?

Check with your insurance provider or employer to ensure you are covered by a qualified HDHP.

Can I use my Alliant HSA debit card with Android Pay or Samsung Pay to pay for prescriptions?

Yes. Alliant HSA debit cards are eligible for both Android Pay and Samsung Pay mobile payment systems.

Can I use my Alliant HSA debit card with Apple Pay™ to pay for prescriptions?

No. Alliant HSA debit cards are not eligible for Apple Pay™ at this time.

How can I change my HSA type (Single vs Family)?

To change an HSA from Single to Family or vice versa, the HSA owner should send a signed letter requesting the HSA type change. Include your full name and member number in the letter. Mail to Alliant Credit Union, Attn: HSA Department, PO Box 66945, Chicago, IL 60666, or fax to 773-462-8735.  Employees of RR Donnelley or Takeda should consult their internal benefits team for instructions.

How do I return funds to my HSA?

If you wrote a check or used your HSA debit card for a non-qualified medical expense, or received reimbursement from your insurance company or physician for a medical bill already paid from your HSA, please use the Return of HSA Distribution form (pdf) to return the funds to your HSA and avoid tax penalties. Subject to IRS Guidelines.

What are my investment options for the HSA Self-Directed Account?

Our investment partner SaveDaily offers many leading mutual funds. You can review the current list here.

Can I roll over funds from my traditional or Roth IRA to my HSA?

Yes. However, you can complete this transaction one time only, for life. You can contribute funds from your IRA to your HSA, up to the IRS limit for your type of HDHP coverage.

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