Health Savings Accounts

All HSAs in the US have set coverage options, and pay for set treatments and procedures. These are known as qualified medical expenses. When you open an HSA with Suncoast, you can withdraw your funds to pay for routine health costs, such as:

• Dental care
• Maternity expenses
• Long-term care insurance premiums
• Mental healthcare
• Physical therapy
• Alternative healthcare (including acupuncture, homeopathy, traditional Chinese medicine, and nutritional consulting)
• Ambulance fees
• Preventative healthcare (including blood tests, vaccines, and lab tests)
• Prescription drugs
• Special needs health care (including wheelchairs, guide dogs, and special classes)

We're aware that when you are looking to withdraw money for any of these costs, they may have a wide price range, based on your service provider. If you aren't sure about the best option for any of these treatments, give us a call so our team can help you get the most out of your HSA.



To avoid additional fees, you'll need to ensure that any withdrawn money from your HSA will be used with licensed medical facilities and practitioners.

All HSAs have maximum annual contribution limits and spending limits.

Our financial restrictions change yearly, so check with the IRS for account limit information: visit irs.gov, or call their toll-free hotline at 1-800-829-1040. Be aware that if you use the money stored in your HSA for non-medical expenses before you reach the age of 65, you will be charged a 10% early withdrawal penalty, and you will have to pay income taxes on the amount you take out.

An HSA is generally a great financial option for most people, but you won’t be automatically enrolled in one. If you have a high-deductible health insurance policy through your work, talk with your human resources department to find out how (and when) you can sign up. If you obtain the policy on your own, contact your financial institution or insurance agent. You will need to decide how much money you want to contribute, and if you want to use the plan to pay for current medical costs or invest for future expenses.

To qualify as eligible to open an HSA, you need to already have a high-deductible health plan, or HDHP.

An HDHP is a type of health insurance plan that has a larger annual deductible than other health plans but also charges a lower monthly premium. HDHPs are thought to lower healthcare costs, and also increase patients' awareness of the real cost of medical expenses.

An HDHP qualifies for tax-advantaged health savings accounts, which fully cover routine preventive care. This means that if you have an HDHP, you aren't responsible for co-pays or coinsurance. 

To be eligible to make contributions to an HSA, an individual must:

Already be a member of Suncoast Credit Union

Be covered solely under a High Deductible Health Plan as defined by the IRS. Read more about these types of plans at www.irs.gov/publications/p969

Cannot be enrolled in Medicare

Cannot be claimed as a dependent on someone else’s tax return

Have no additional health coverage, except what is permitted under Other health coverage

You can set up your HSA account online with Suncoast, and view the account on SunNet, SunMobile, and through SunTel. You won't be able to perform transactions on them, but you can always access the account using your HSA debit card and checks.

If you are not able to use checks or a debit card, you’ll either need to fill out an HSA withdrawal form with a member advocate at one of our branches or receive an HSA withdrawal form by mail and process the transaction over the phone.