Get a Health Savings Account

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Arizona Central's Health Savings Account (HSA) gives you more control over your health care expenses and, more importantly, provides a tax-advantaged tool for paying qualified medical expenses.

  • No monthly service fees
  • Low $20 annual plan fee
  • No per check charges
  • Earn dividends on your balance
  • Easy account access with an HSA Visa® Check Card
  • FREE welcome pack of checks
  • Online access to transaction history and balance information

Want to know more? Download our helpful HSA Guide today.

To open an account, call us at (602) 264-6421 toll free (866) 264-6421 or visit any of our 10 local branches.


Health Savings Account FAQs

What is a Health Savings Account (HSA)?
An HSA is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment.
Who can have an HSA?
Any adult can contribute to an HSA if they:


  • Have coverage under an HSA-qualified high deductible health plan" (HDHP).
  • Do not have other health insurance coverage, such as a spouse's plan, that is not an HDHP.
  • Are not enrolled in Medicare.
  • Are not claimed as a dependent on someone else's tax return.
What is a High Deductible Health Plan (HDHP)?
A high deductible health plan typically offers a higher deductible in return for generally lower premiums. You must have coverage under an HSA-qualified "high deductible health plan" to open and contribute to an HSA. For more details, please contact your insurance provider.


Federal law requires that the health insurance deductible be at least:

  • $1,350* - Self-only coverage
  • $2,700* - Family coverage

In addition, annual out-of-pocket exended under the plan (including deductibles, co-pays, and co-insurance) cannot exceed:

  • $6,650* - Self-only coverage
  • $13,300* - Family coverage>

* 2018 amounts; adjusted annually for inflation

How do I find HDHP Coverage?
Any company that sells health insurance coverage in your state may offer HDHP policies. Although Arizona Central cannot recommend any specific names of companies selling these policies, you should be able to find a qualified policy by contacting your current insurance company, an agent or broker licensed to sell health insurance in your state, or your state insurance department.


If your current employer offers health insurance coverage, contact your human resources department to see if they offer these types of plans.

How much can I contribute to my HSA?
The amount you can contribute to an HSA is set by federal regulations. If you are making contributions for the 2018 tax year, the maximum annual contribution amount allowed is $3,450, if you have self-only coverage and $6,900 if you have family coverage. If you're 55 or older, you can also make an additional $1,000 catch-up contribution.


Contact your tax adviser if you have additional questions

What are qualified medical expenses?
Your Arizona Central Health Savings Checking Account can be used to pay for covered expenses that apply toward your HDHP annual deductible. In addition, you can pay for qualified medical expenses that your health plan might not cover, such as vision care (eyeglasses and contact lenses), dental and orthodontic services, and even long-term care insurance.


Examples include:

  • Diabetic supplies
  • Eye exams, eyeglasses, contact lenses, and solutions
  • Hearing aids
  • Laser eye surgery
  • Orthodontia, dental cleanings, and fillings
  • Prescripton drugs
  • Physical therapy, speech therapy, and chiropractic expenses
  • Specialized equipment and devices for disabled persons
  • Transportation expenses related to medical care
  • Weight reduction programs for physician-diagnosed obesity

Remember, you must comply with HSA spending regulations. You can find detailed information about qualified medical expenses in Section 213(d) of the Internal Revenue Code and IRS Publication 969.

Who will determine whether something is a "qualified medical expense"?
It is your responsibility to ensure that the funds from the account are being used for qualified medical expenses. Arizona Central does not monitor whether you use your HSA for qualified medical expenses. For record keeping purposes or in the event of an audit, you should maintain receipts of all of your expenses.
How do I contribute to my HSA?
You can make contributions to your Health Savings Checking Account by:


  • Authorizing funds be deposited electronically from another acount either one time or every month
  • Making lump sum contributions by check in any amount up to the maximum limit
  • Rolling over funds from another HSA or Archer Medical Savings Account (MSA)
  • Requesting that your employer contribute to the account with pre-tax deductions
  • Initiate a one-time transfer from your IRA

Find out if your employer offers a roll-over from your FSA or HRA

What happens if I don't spend all the funds in my HSA by the end of the year?
All unused funds carry over from year to year.