Health Savings Account (HSA)

The Credit Union's HSA helps you stretch your health care dollars with a great dividend rate and no account or transaction fees.

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  • It pays a great dividend rate on a monthly basis
  • It saves you money, because the Credit Union charges no fees on our HSA account
  • It provides you the convenience of saving with direct deposit of payroll and accessing your money with check writing privileges

To Open a Health Savings Account Click here to Contact Us


Health Savings Account Tax Information

A Health Savings Account is a tax-exempt account to pay for or reimburse yourself for qualified medical expenses. HSA provides the folowwing benefits:

  • Contributions to an HSA, made outside of payroll deduction, are tax deductible even if you do not itemize your taxes
  • Payroll deduction contributions to an HSA are excluded from your gross income
  • Interest earned on your HSA is tax free
  • Qualified distributions from your HSA are tax free
  • Money in your HSA can remain in the account until you use it
  • An HSA is owned by you, so it stays with you, even if you change jobs or leave the work force

Internal Revenue Service (IRS) requirements of an HSA are:

  • You must have a High Deductible Health Plan (HDHP)
  • You cannot be covered under any other health insurance plan or Medicare
  • You cannot be claimed as a dependant on someone else's tax return

The maximum annual contribution to an HSA is determined by the High Deductible Health Plan you have.

 
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