TelComm Credit Union offers Health Savings Accounts, or HSAs, to help members in the Springfield, Missouri area set aside money for qualified medical expenses while taking advantage of tax benefits. An HSA pairs with a high-deductible health plan and allows you to set aside pre-tax dollars to cover healthcare costs now and in the future. Funds in a TelComm HSA roll over year to year, so you are never penalized for staying healthy.
Any adult can contribute to an HSA if they:
- Have coverage under an HSA-qualified “high deductible health plan” (HDHP) (Ask your HR department if you are unsure.)
- Have no other first-dollar medical coverage (other types of insurance, like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted).
- Are not enrolled in Medicare.
- Cannot be claimed as a dependent on someone else’s tax return.
Contributions to your HSA may be made by you, your employer, or both. However, the total contributions are limited annually. If you make a contribution, you can deduct the contributions (even if you do not itemize deductions) when completing your federal income tax return.
Brochures with more detailed information about Health Savings Accounts are available at all TelComm locations. Drop by and pick one up anytime!
2025 Tax Year: Single Coverage Annual Limit= $4,300
2025 Tax Year: Family Coverage Annual Limit= $8,550
2025 HSA Catch-Up Contribution Limit for Owners Age 55+ is $1,000
To learn more about Health Savings Accounts, click here.
