Health SAvings Account - HSA


Contribution limits

Health Savings Account

Whether you are looking to cover doctor expenses or medication costs, you will be prepared when you open a Health Savings Account (HSA). This interest-earning account can help individuals with high-deductible health plans save for future,  qualified medical expenses.


HDhp limitscontribution limits

Benefits of an HSA

  • Tax-free growth
  • Visa Health Savings Debit Card for qualifying medical expenses
  • Earns Interest
  • No Monthly Service Fee
  • No Minimum Balance Requirement

 How it works

  • You must have coverage under a High Deductible Health Plan
  • You may not be covered by any health plan that is not an HDHP (exceptions exist for insurance that covers accidents, disability, dental care, vision care, long-term care and other "permitted insurance.")
  • You must not be enrolled in Medicare
  • You may not be claimed as a dependent on someone else's tax return.
  • You must comply with the guidelines for annual contribution limits.
  • You must understand and manage your contributions and distributions. The financial institution holding your account is not responsible for advising you regarding compliance with these requirements.
  • You should keep all receipts for expenses made from the Health Savings Checking account in case they are needed during an audit.
  • You do not lose the funds in your Health Savings Checking account if they are not used within the year.
  • You may make contributions to your HSA account for the previous tax year until April 15th or the tax deadline.
  • HSA funds can pay for any qualified medical expense. This includes most medical care and services, and dental and vision care. Refer to IRS Pub 502 (available at for a partial list. To be an expense for medical care, the expense has to be primarily for the prevention or alleviation of a physical or mental defect or illness.
  • Your employer or a tax adviser can help you determine if you are eligible to open an HSA and provide you with the contribution limits that apply to your situation.
  • Your HSA funds may not be used to make loan payments or as collateral for a loan
  • Overdraft protection - not offered with this account. Non-sufficient funds fees will be assessed if the account is overdrawn.
  • No minimum opening deposit required.

HSA Contribution and HDHP Limits

The statutory annual contribution limit for HSAs depends on whether you have a self-only or a family high-deductible health plan (HDHP). 
HSA-compatible HDHPs are defined by certain minimum deductible amounts and maximum out-of-pocket expense amounts. If a health plan does not meet these limits, the covered individual will not be eligible for HSA contributions.
HSA- Compatible High Deductible Health Plan (HDHP) Requirements
Tax Year HDHP Coverage Minimum Deductible Maximum Out-of-Pocket Expense
2022 Self-Only $1,400 $7,050
Family $2,800 $14,100
2023 Self-Only $1,500 $7,500
Family $3,000 $15,000

Radiant is not responsible for determining the amount that a member is eligible to contribute. We may not, however, accept regular contributions that exceed the maximum family contribution amount. 
Health Savings Account (HSA) Contribution Limits
Tax Year Self-Only Coverage Family Coverage Catch-Up (age 55 or older)
2022 $3,650 $7,300 $1,000
2023 $3,850 $7,750 $1,000






For more information about IRA contributions, refer to IRS Publication 590-A, Contributions to Individual Retirement Arrangements, and to IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans,for more information on HSA contributions.

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