Your HSA is always yours – no matter what.
Members enrolled in a High Deductible Health Plan, can open a Health Savings Account that will reimburse you for current and future medical expenses you and your dependents incur.
One of the best features of a Health Savings Account (HSA) is that money left over at the end of the year remains in the account, so you can use it the following year or any time in the future. Our HSAs provide a straightforward way to manage your healthcare costs, both now and in the future.
Benefits:
- No minimum deposit or balance requirements
- No fees
- Balances roll over annually and never expire
- Convenient access with a debit card, checks or in-person withdrawals
- Tax-free earnings on deposits into the account
- Easily manage contributions and distributions
- Portable accounts follow your journey, whether starting a new job or retiring
- Unused funds remain in your account and roll over each year
Before deciding if an HSA is right for you, speak with a tax professional. Members First Credit Union administers your Health Savings Account (HSA).
Eligibility
Anyone who is…
- Covered by a High Deductible Health Plan (HDHP)
- Not covered under another medical plan that is not a High Deductible Health Plan (HDHP)
- Not entitled to Medicare Benefits
- Not eligible to be claimed on another person’s tax return
- Not in receipt of VA or Indian Health Services benefits within the last three months
- Not covered under your or your spouse’s Flexible Spending Accounts (FSAs), except for a Limited Purpose FSA
- Not a nonresident alien
Your Contributions
- You choose how much to contribute from each paycheck on a pre-tax basis.
- Contributions can be made in person, via mail or through your employer, if applicable.
- You can contribute up to the IRS limits annually.
- You can make additional “catch-up” contributions of up to $1,000 per year if you are 55 or older.
Eligible Expenses
You and your eligible family members can use your HSA to pay for medical, dental, vision, and prescription drug expenses. Please note that funds available for reimbursement are limited to the balance of your HSA.
Using Your Account
Use the debit card linked to your HSA for eligible expenses, or pay with checks directly from your HSA account administered by Members First Credit Union. You can also pay out of pocket and save your HSA dollars for future healthcare needs.
