If You Have a High Deductible Health Plan an HSA Checking Account Can Help Reduce Out-of-Pocket Expenses
- HSA contributions, withdrawals for qualified medical expenses, and asset growth are all tax free.
- You own and control the money in your HSA Checking Account. Funds can be used whenever you need them. Unused funds rollover from year-to-year, allowing you to save for future medical expenses. The money in your account is also yours to keep, regardless if you switch employers.
- Taxable income is decreased by having an HSA, so fewer taxes need to be paid out.
- Your accounts are insured by the National Credit Union Share Insurance Fund to at least $250,000. Visit mycreditunion.gov to learn more about your Share Insurance Coverage and to access resources including a Share Insurance estimator tool, publications, videos, and more.
HSA Checking Account Rate
Qualifying Expenses
- Conventional medical expenses like doctor visits, prescription medication, dental, and vision care.
- Treatments not typically covered by insurance including acupuncture, orthodontics, chiropractic care, and fertility treatments.
HSA Checking Account Offers
- No minimum balance, monthly service charge, or per check fees
- Federal recurring payment, ACH, and payroll deposit-friendly
- Free Visa® Debit Card
Who is Eligible?
Verify your eligibility with your insurance provider, but generally you are eligible for an HSA Checking Account if you are:
- Covered by a High Deductible Health Plan (HDHP) that does not
have co-payments - Not covered under another medical plan that is not an HDHP
- Not enrolled in Medicare
- Not eligible to be claimed on another person’s tax return
Maximum Annual Contribution
HSA contributions are based on whether you are contributing as an individual or for a family:
- 2023 Individual - $3,850
- 2023 Family - $7,750
- 2024 Individual - $4,150
- 2024 Family - $8,300
Individuals age 55 and older can also make additional catch up contributions of $1,000 per year.
To determine your maximum annual contribution allowance for your HSA Checking Account, you will need the information:
- Medicare Filing Date (if applicable)
- Full Disability Filing Date (if applicable)
- HDHP Plan Type (single/family)
- Family Annual (umbrella deductible)
- Family Member Individual Annual (embedded) Deductible
- Individual Annual Deductible
- Number of Family Members Covered (if embedded deductible)
- HDHP Policy Start Date
Your eligibility for an HSA is based on a number of factors and set forth by the IRS, and HVCU is not qualified to make such a determination. For more in-depth information on HSAs regarding eligibility, specific income and contribution limits, tax filing, forms, and a number of helpful tips, calculators and more, visit the IRS website. If you need assistance determining eligibility to open and contribute to an HSA, please consult your tax advisor.
Your Money Is Protected
Accounts at HVCU are Federally Insured for up to $250,000. Share insurance coverage is provided by the National Credit Union Administration (NCUA), an independent government agency that charters, regulates and insures federal credit unions. Visit mycreditunion.gov to learn more about your Share Insurance Coverage.
Learning Center
-
Calendar with page turning
Save $1,378 Dollars in One Year
Take the 52-week savings challenge to start building your savings today!Father with daughter holding piggy bankRaising Your Kids to Be Financially Independent Adults
Check out some tips for raising kids to be financially independent adults.
-
Handing over car keys
Buying a Car from a Private Seller? Here’s What You Need to Know
Here are some tips for buying a car from a private seller that protect you from buying a lemon.Female college student holding booksAn Easy Guide to Student Loans
Here are five tips to help you get a better understanding of student loans. -
Businesswoman reviewing profit margins on laptop
5 Strategies To Increase Profit
Most businesses seek to increase their profit year over year. Here are five cumulative ways you can look to increase your bottom line.Female business owners at counterIs it time to scale your business?
If you have aspirations of growing your business quickly, it’s important to consider what steps are necessary to prepare for an increase in output. -
mobile photo cyber security montage
National Consumer Protection Week is Here
From March 3 - 9, join us as we raise awareness on fraud, scams and the tips to avoid them during National Consumer Protection Week.A heart with the words scam in the middle of itValentine's Day Romance Scams
Here are a few ways to protect yourself from romance scams. -
kitchen remodel sketch
What is Home Equity?
Home equity it will be is the difference between the current market value of your property and any liens, such as the balance owed on the mortgage.Couple looking over house plansIs a Renovation Mortgage Right for You?
Finance both the purchase price of a home, plus the cost of future repairs and/or updates. -
Man sitting on living room floor holding dog.
Your Complete Guide To Renter’s Insurance
Learn about the valuable aspects of financial protection and coverage offered by renter’s insurance.Exterior image of home with storm clouds aboveYour Complete Guide To Homeowners Insurance
Learn how to find coverage options without overpaying for more protection than you need.