Health Savings Accounts

Benefits

• Greater personal control over healthcare management and expenses
• An HSA provides triple tax savings:
  • Tax deductions on contributions
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
• Employer-sponsored, individual & family plans available
• Funds can be withdrawn at any time*
• Unused funds remain in account year after year 
• Keep your HSA in your name, regardless of career or life changes
   

• No minimum balance and unlimited transactions
• Free debit card for additional authorized user
• Check blanks available at cost
• Fee waived with eStatements

• 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. 

• Individual must be under the age of 65 and covered by a High Deductible Health Plan (HDHP)
• Eligibility is determined 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