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A Health Savings Account (HSA) is a type of personal savings account with unique tax advantages** that helps those with qualified high-deductible health plans (HDHPs) save money on many out-of-pocket medical expenses like doctor visits, vision and dental care, and prescriptions. With an HSA, you determine how much you contribute and when to use your funds. The money is yours for as long as you need it, year-after-year through different health plans or employers! It helps you keep more of your hard-earned money by providing the potential for:
When looking at HSAs, pay close attention to the fee structure of the account. Because the IRS limits the amount you can save each year, you want to be certain that your health care funds are preserved for health care and not bank fees.
According to our research, many banks charge an account fee between $2.50 and $4.25 per month. Several charge a fee of $2.00 every time you use your debit card at point of sale (POS) with a PIN or for any ATM withdrawal. Many even charge an account closing fee of $25. These fees can make a substantial impact on your account balance. At HFCU, our HSA has no monthly fees, no charges at POS, and no charges for ATM withdrawals with our ATMs and by using our Alliance One network with your HSA debit card.
Additionally, many of the banks require a minimum balance of $5000 to be eligible for any interest accruals. At HFCU, we offer one of the best APY’s around at 2.06% APY with no minimum balance requirements. Plus, HFCU HSAs offer ScriptRelief™ cards at no additional cost that give you a big discount on over 50,000 medications.
Want to save up to 75% on all FDA-approved prescription medications? Click below to learn about our FREE Prescription Discount Card!
*APY = Annual Percentage Yield. Annual Percentage Yields are accurate as of 5/1/18 and are subject to change. Fees or other conditions could reduce the earnings on these accounts. Rates may change after accounts are opened.
**Heritage Federal Credit Union does not provide tax advice and recommends speaking to a tax consultant for guidance.
†You do not have to be an eligible individual to a make a rollover contribution from your existing HSA to a new HSA. Rollovers are not subject to the annual contribution limits. You do not need to wait for your insurance renewal period to rollover your HSA from another financial institution to HFCU. A rollover contribution is not included in your income, is not deductible, and does not reduce your contribution limit.