Keep Physically Healthy. Stay Financially Fit.

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, deciding how to spend it on your health care needs. What you don’t spend is yours to keep -- forever.

The OHCFCU Health Savings Account

You’re credit union HSA provides you with convenience and only a $1 monthly fee on your account.

With your HSA, you’ll receive:

• Checks.
• Free Debit Card. (coming soon)
• Interest (tiered, based on your balance).
• Access to your account 24/7 via CU@Home and X-Press 24.

Forms and Disclosures

Please click on the desired form to download.

HSA Application

HSA Contribution Designation

HSA Beneficiary Designation

HSA IRS Agreement

HSA Disclosure

Frequently Asked Questions

Who can have 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.
• 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.

What is a High Deductible Health Plan (HDHP)?

An HSA-qualified high deductible health plan* must have:

• A minimum deductible** of $1,100 for self-only coverage and $2,200 for family coverage.
• A maximum out-of-pocket limit** (including deductibles and co-pays) of $5,600 for self-only coverage and $11,200 for family coverage).

*Other criteria apply. Always check with your insurance provider to be certain that the high deductible health plan you are considering is HSA-qualified.
**These amounts are for 2008. They are indexed annually for inflation.

What are the tax benefits of an HSA?

You can save on taxes in three ways:

1. You can deduct your contributions on your tax return.
2. You earn tax-free interest.
3. Your withdrawals are tax-free when used for qualified medical expenses.

How and how much can I contribute?

You can contribute up to 100% of your HDHP ddeductible, as long as it does not exceed $2,900* for self-only coverage or $5,800* 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 have several convenient deposit options:

• Set up a recurring autotransfer in any amount or frequency.
• Direct deposit a portion of your paycheck into your account.
• Make a deposit at an OHCFCU Branch or Shared Branch.
• Make a transfer from another OHCFCU account through X-Press 24 or CU@Home.
• Accept employer contributions.

*These amounts are indexed annually for inflation.