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, save money on insurance costs and it can be used as a retirement vehicle. 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.
You can use an HSA for:
- Qualified Medical Expenses* (such as doctor visits, prescription drugs, hearing aids, non-cosmetic dental treatments)
- COBRA Insurance
- Laboratory fees that are part of medical care
- Qualified long-term care insurance and expenses
- Funds may be used for eligible expenses for spouses or dependants, even if they are not covered by the HDHP
Features
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HSA Checking Accounts earn dividends
- HSA Debit Card for easy access to your funds with no annual fee
- HSA Certificates are also available.
- 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]
Please Note: Prior year HSA contributions can not be processed online. Please contact the CU to process your prior year contribution.
