health savings account

Saving for your health is investing in your future.

Want to save for future medical expenses and get special tax advantages?

A Health Savings Account (HSA) is a special account that allows you to set aside money to help pay for future medical expenses, and deduct those contributions on your tax return. To qualify for an HSA, you must be covered by a High Deductible Health Insurance Plan (HDHP) and satisfy other eligibility requirements.

HSA funds are never taxed when used for qualified medical expenses, and all unused funds can be rolled over from year to year. You can learn more about HSAs from the federal government.

This ALEC Health Savings Account features a competitive rate, low or no fees and special conveniences. In addition, ALEC also offers a Health Savings Certificate Account that, compared with the Health Savings Account, provides a higher rate and a fixed term or a Health Savings Investment Account where you can invest your HSA in mutual funds.

Already have an ALEC HSA? Manage it online.

Manage My Account

Advantages of our Health Savings Account:

Tax-deductible contributions

Tax-deferred dividends¹

No setup or monthly fees

Free direct deposit

Penalty-free withdrawals for qualified medical expenses**

Free HSA debit card

HSA funds can remain with you if you change jobs

No minimum deposit

E-Statements

Contribution Limits

Year	Self Only - Under Age 55	Family - Under Age 55	Self Only - Age 55 and older	Family - Age 55 and older
2023*	$3,850	$7,750	$4,850	$8,750
2024	$4,150	$8,300	$5,150	$9,300

*Note: you may contribute to your 2023 limit until April 15, 2024.

Health Savings Account (HSA)

Nominal Rate	APY*
0.549%	0.55%

* The Annual Percentage Yield is the rate that is earned if the funds are left to compound for one year. All dividends are paid monthly based on the daily average balance. Rates subject to change monthly. The nominal rate is the rate used to calculate the monthly dividend.

You can easily access your HSA anytime via Online Banking, Mobile Banking and Telephone Banking

Plus, HSA Savings and HSA Certificates at ALEC are insured up to $250,000 by American Share Insurance, the nation's largest private deposit insurer.

To learn more about the HSA process, click on the link below that applies to you:

General HSA Enrollment

How to apply for a health savings account.

Abbott Employee Information

Information for Abbott employee enrollment.

Additional Resources:

Online Banking

Stay in touch with your money 24/7 and manage your finances at your convenience.

Mobile Banking

Manage your accounts anywhere with your mobile device.

Telephone Banking

Accessing up-to-date information on your ALEC accounts can be as simple as dialing.

Savings Accounts

Savings accounts to fit your individual and family goals.

Want more tools for managing your HSA?
Check out our calculators:

Health Savings Account (HSA) Contribution
Health Savings Account (HSA) Goal
Health Savings Account (HSA) Savings
Health Savings Account (HSA) vs. Traditional Health Plan

Financial Calculators

We make it easy to manage and apply for an HSA.^†

Open or Manage an Account

Visit a Service Center

Call 800.762.9988, ext. 407

For more information, download our HSA Disclosure document.

¹ Dividends will be credited to the member's account every month.

** Consult your tax adviser for details. References to taxes, tax deductibility and tax advantage is not intended as tax advice.

^† An open membership is required to process your HSA application. If you're not a member, you must first apply for ALEC membership to open a Health Savings Account. Membership requirements include a completed application, copy of identification and a $5 ALEC Savings Account.