Health Savings Accounts

You can open and contribute to a Health Savings Account if you are enrolled in an HSA-qualified health plan, not enrolled in other coverage like Medicaid or Medicare and cannot be claimed as a dependent. All Get Covered Illinois customers enrolled in Bronze and Catastrophic plans are eligible to contribute to a Health Savings Account (HSA).  

Many financial institutions offer Health Savings Accounts, including well known traditional banks and investment firms. Be sure to thoroughly research your options before deciding. Key factors include monthly maintenance fees, minimum balance, investment options and interest rates.

In 2026, you can contribute up to $4,400 for an individual or $8,750 for a family each year, with additional contributions for those age 55 or older. These contribution limits are set by the IRS each year.

The funds in your HSA will roll over to the next year if they are not spent, and your HSA will not expire. You may have to pay fees or taxes when you close your account.

You can use the money in your HSA to pay for medical and dental services including copays and coinsurance, prescription drugs, medical equipment and many self-care products like sunscreen and bandages. You cannot use your funds to pay your monthly premium.

You can pay for qualified medical expenses in several different ways. Ask your bank or financial institution which options are available through your HSA:

• Pay at point of service (e.g., doctor’s office, pharmacy) using your HSA debit card or check.

• Pay yourself back for qualified health expenses you already paid for with non-HSA funds, including writing a check from your HSA to yourself or transfer money from your HSA to your personal non-HSA account. 

Keep records of all qualified medical expenses that you pay for with your HSA funds. 

On your tax return at the end of the year, you will get tax forms from your bank about your HSA indicating how much you contributed and how much you spent from your account. You will use these forms when filing your taxes. For more information on tax rules and filing your taxes with an HSA, see IRS Publication 969.