Tax Free Dollars for Medical Expenses
A Health Savings Account (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. You control this money. What you don’t spend is yours to keep — forever.
Health Savings Account Details:
- $1.00 Monthly Fee
- Interest Bearing (tiered, based on balance)
- 24/7 Access via WebCU Online Banking and XPress 24
- Transactions can be made with checks and/or your Debit Card
What are the Eligibility Requirements for an HSA?
You can open and contribute to an HSA if you:
- Are age 18 or older.
- Are covered by an HSA-qualified high deductible health plan (HDHP).
- Do not currently receive Social Security benefits.
- Cannot be claimed as a dependent on someone else’s tax return.
- Are not covered by a non-HDHP health plan that provides any benefit that is also covered by your HDHP.
- Are not enrolled in Medicare, Medicaid, or Tricare.
- Are not covered by VA benefits nor have used VA medical services within the previous three months.
- Are not enrolled in a general Healthcare Flexible Spending Account (FSA) (or covered by a spouse’s
How much can I contribute?
You can contribute up to 100% of your HDHP deductible, as long as it does not exceed $3,400* for
self-only coverage or $6,750* for family coverage. You can fund your HSA when you open it or wait
until it’s convenient for you. There is no minimum deposit.
You can fund the account through direct deposit, auto transfers, branch deposit, or employer
*These amounts are indexed annually for inflation.
What are the tax benefits of an HSA?
You can save on taxes in three ways:
- Deduct your contributions on your tax return.
- Earn tax-free interest.
- Withdrawals are tax-free when used for qualified medical expenses.
Open Your HSA Today
If you’d like to open an HSA today, contact one of our member services representatives in one of the following ways:
- By Phone 24/7 at 866.254.4791
- In Person at our Credit Union Offices
- Through secure message in your online banking account