Health Savings Accounts (HSAs)
No Annual Fee
No Monthly Maintenance Fees
Check Card with No Annual Fee
Low $15 Setup Fee
Funds Federally Insured up to $250,000
A Health Savings Account (HSA), when coupled with a High Deductible Health Plan (HDHP), enables you to take control of your own healthcare and save money on insurance costs. Contributions to your HSA are tax deductible and the account earnings will accumulate on a tax-deferred basis. Distributions from your HSA are tax-free if they are used for qualified medical expenses. To get started, obtain a qualifying HDHP from your health plan administrator, then open a Health Savings Account at Elevations Credit Union.
Features
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HSA Checking Accounts have a high earning rate and an HSA Check Card for easy accessibility.
- HSA User Card with no annual fee.
- HSA Certificates have a higher earning rate that is fixed for a term.
- A minimum opening amount of $100 on Standard HSA Certificates makes it easy to start saving. Earn higher rates on Jumbo HSA Certificates that have a minimum opening amount of $100,000.
- Contributions can be made by you, your employer, or both. However, the total contributions are limited annually by the Federal government. More information is available from the U.S. Treasury.
- Designate or Change a Beneficiary on your HSA using Change Form 2603H. [PDF]
