A HSA is a special account, owned by an individual, used to pay for qualified current and future medical expenses, and used in conjunction with a "High Deductible Health Plan" (HDHP) on a tax free basis. We can help you establish your HSA if you are covered by a high-deductible health plan.
- $5 Minimum Opening Deposit and Minimum Balance
- Tax Savings. Federally qualified HSA contributions can be deducted from your gross income on your federal tax return, even if you do not itemize your deductions; distributions are tax-free if used for qualified medical expenses; and accumulated funds grow with tax-deferred earnings.
- Control. You make all the decisions relating to your account, like whether to save for future expenses or pay current medical expenses and how to invest the funds.
- Portability. You own your account, and it goes with you if you change jobs or retire. Funds remain in the account from year to year, just like an IRA.
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The HSA Primary Share and Health Savings Checking are dividend-bearing accounts.
HSA Primary Share requires a minimum $5 balance. Overdraft protection is available from HSA Primary Share. Checks and debit cards are optional and should be used for “normal distributions” only. Therefore, for any other type of Health Savings distribution such as death, disability, or excess contribution removal, contact the credit union to complete a withdrawal form to document the purpose of the distribution.
See Rate and Fee Schedule.