Health Savings Account (HSA)

Money you save for health care expenses

  • A Health Savings Account (HSA) allows you to set aside pre-tax dollars to pay for eligible health care expenses. You must be enrolled in a High Deductible Health Plan (HDHP) to qualify.
  • Unlike the Health Care Flexible Spending Account (HCFSA), HSAs have no “use it or lose it” stipulation, so your unused money rolls over each year tax-free.
  • Since your contribution is pre-tax, less taxes come out of your paycheck.
  • You have the option to invest a portion of your HSA dollars into mutual funds to earn even more money on your pre-tax savings.
  • You can contribute up to $4,150 for yourself or $8,300 for your family for the 2024 year through automatic payroll deductions.
  • Gulf Coast Educators Federal Credit Union administers the plan.
How it works

Every pay period, a small portion of your check will be deposited pre-tax into an interest-bearing Health Savings Account at Gulf Coast Educators FCU. You will receive a debit card so that you can use your saved funds on out-of-pocket medical expenses, such as your deductible, co-payments for medical care and prescription drugs, or vision and dental care bills. This year, you can contribute up to $4,150 to your HSA.

The easiest way to access your HSA funds is with your Benefits HSA debit card, which you receive after you enroll. You may use the debit card anywhere that accepts VISA. To replace a lost or stolen debit card, you may order a new one by contacting Gulf Coast Educators FCU at 281-436-5499.

What your HSA covers
  • Out of pocket medical expenses
  • Health plan deductible
  • Co-payments for medical care
  • Prescription drugs
  • Vision bills
  • Dental bills

You can view the full list of qualified medical expenses by visiting the IRS’ website and viewing Publication 502.

What’s not covered
  • Babysitting or childcare
  • Non-prescription drugs
  • Cosmetic surgery
  • Supplements
  • Veterinary fees
  • Weight-loss programs


You can view the full list of qualified medical expenses by visiting the IRS’ website and viewing Publication 502.

Rules and restrictions
  • You must be enrolled in Katy ISD’s High Deductible Health Plan (HDHP), not covered by any additional health plan that is not an HDHP, not enrolled in Medicare or receiving VA benefits, and not eligible to be claimed as a dependent on another person’s tax return.
  • HSA contribution limits for 2024 are $4,150 for self-only coverage and $7,300 for family coverage. If you are age 55 or older you may contribute an additional $1,000 for the year.
  • You need to keep all of your records to substantiate all claims.
Investing your HSA funds

With your HSA, you have the option to invest a portion of your HSA funds using myHSAinvestments. Since your unused HSA dollars roll over each year, investing some of your money may be a wise option if you plan to save more than you spend.

Why would you want to invest your HSA dollars? Let’s consider just a few of the benefits of investing:

  • Maximize your tax savings
  • Earn more on your unused dollars
  • Save for health care in retirement
  • Take control of your money and your investment activity
  • Easy access to your money when you need it most
Helpful resources

For more information, call Gulf Coast Educators FCU at 281-436-5499 between 7:00 am and 7:00 pm weekdays, or 9:00 am – 12:00 pm on Saturdays.
You may also visit , email , or visit any Gulf Coast Educators FCU location.

Also, review the Health Savings Account FAQs.

myHSAinvestments Disclosures:
myHSAinvestments is powered by Devenir
Neither Gulf Coast Educators Federal Credit Union, nor Devenir Group, LLC, the third party, can provide investment advice to you on this program. Once you transfer funds from your HSA to myHSAinvestments, these dollars are no longer covered by applicable FDIC or NCUA insurance. We recommend you speak with a licensed investment advisor or consult the prospectus should you have questions about any investment. Carefully weigh the advantages and disadvantages of investing your HSA funds before doing so. Investment products are not federally-insured; may lose value and are not a deposit account. Investment accounts are not obligations of the credit union and are not guaranteed.
Funds should not be considered a deposit of or guaranteed by Gulf Coast Educators FCU, may lose value, and are not NCUA/NCUSIF Insured.