The Advantages of a Health Savings Account
IRAs can help you save on taxes in retirement without impacting any social security benefits.
Read MoreHealth Savings Accounts
Save on copays, prescriptions, and more.
A Health Savings Account (HSA) is like no other savings account. The money you contribute goes in, grows, and comes out income-tax free when used for qualified medical expenses. Plus, the account is yours to keep even if you change jobs or move off a qualifying HDHP.HSA’s are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please consult with your tax advisor to determine your specific tax situation.
Features & Benefits
No “use it or lose it” rule
Unlike a Flexible Spending Account (FSA), any unused money is carried over each year.
Easy Cash Access
Use your HSA debit card to pay for qualified medical expenses and monitor your spending through Digital Banking.
Tax-Related Perks
You get tax-free earnings and tax savings when you contribute.HSA’s are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please consult with your tax advisor to determine your specific tax situation.
Other Benefits
- It’s yours to keep. Even if you leave your employer, relocate, or become unemployed, the money is yours.
- Earnings are not affected by changes in the stock market.
- Supplement Your Retirement. At age 65, you can use the funds for non-medical expenses without penalty.
Also included
- Access to 30,000+ ATMs
- Free 24/7 Digital Access
- Federally insured deposits by NCUA
- Access to e-Statements, e-Notices, and e-Alerts
- Ability to earn dividends
How does it work?
Looking for a great, tax-advantaged way to save on copays, prescriptions, long-term care, and other qualified medical expenses? If you have a high-deductible health plan (HDHP), you can!
Terms & Fees
| Term | Fee |
|---|---|
| Minimum opening deposit | $25 |
| Minimum daily balance | None |
| Monthly low balance fee | $0 |
| Monthly service fee | $0 |
Do I Qualify For An HSA?To confirm your eligibility to open an HSA, check with your employer, health insurance provider or the U.S. Treasury’s website
To be eligible and qualify for an HSA, you must meet the following requirements:
- You are covered under a High Deductible Health Plan (HDHP)
- You have no other health care coverage, except what is permitted under “Other Health Coverage,” listed on IRS.gov
- You are not enrolled in Medicare
- You cannot be claimed as a dependent on someone’s tax return
- You have not received Veteran’s Affairs medical benefits within the past 3 months
- You do not have a Flexible Spending Account (FSA) or a Health Reimbursement Account (HRA)
