With healthcare costs rising, an HSA is a great way to ensure you are taken care of and save for health care expenses.
Key Features
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No Minimum Balance
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Online Account Access
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Free Debit Card
Details
Benefits
- Greater personal control over healthcare management and expenses
- An HSA provides triple tax savings:
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- Tax deductions on contributions
- Tax-free earnings through investment
- Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
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Employer-sponsored and individual plans available
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Funds can be withdrawn at any time*
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Unused funds remain in account year after year
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Keep your HSA in your name, regardless of career or life changes
Additional FCCU Benefits
- No minimum balance and unlimited transactions
- Free debit card with additional authorized user
- Check blanks available at cost
- Fee waived with eStatements
- Online account access 24/7
Contributions & Distributions
Annual contribution limits established for single and family plans.
- Contributions can be made by you, your employer, or a third party
- Catch-up contributions of $1,000 can be made by those age 55 or older
- The contribution deadline is the tax deadline, April 15th*
- Contributions are reported on a 5498-SA
- Distributions taken for non-qualified medical expenses are subject to federal income tax and a 20% penalty
- Distributions are reported by the credit union on a 1099-SA
* Consult a tax advisor. Tax-free withdrawals based on amount contributed.
Eligibility
Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualifiy for an HSA.
- Individual must be covered by a High Deductible Health Plan (HDHP)
- Eligibility is determined as of the first day of each month
- The HSA owner may not:
- Be enrolled in Medicare
- Receive VA or TRICARE benefits
- Be claimed as a dependent