Health Savings Account

Eligibility

• Member must have a High Deductible Health Plan (HDHP).
• Member has no other health coverage.
• Member is not enrolled in Medicare.
• Member cannot be claimed as a dependent on someone else's prior year tax return.

Benefits

• Contributions are tax deductible and are made on a pre-tax basis.
• Contributions made by the employer are not taxable to the employee.
• Dividends are tax-free.
• The distributions (contributions and interest) from the account are tax-free as long as they are used for qualified medical expenses for a spouse and or dependents.
• Funds are insured up to $250,000 by the NCUA and are accessible just as your savings account.
• Funds will remain in your account from year to year until they are used.
• HSA accounts are owned by the member and are portable from institution to institution.
• Once in retirement, HSA funds may be used to pay for retiree health insurance, Medicare expenses, prescription drugs, long-term care, and a variety of other health services.
• Catch-up contributions are allowed for individuals age 55 and older.

Features

• Interest bearing account.
• Easy access to funds.
• Transactions appear on statements.
• Payroll direct deposit available with no fees.
• NCUA insurance.
• No enrollment fees.

How to Enroll

• Enrollment in a High Deductible Health Plan with your employer or private insurance carrier.
• Call or stop by a Wasatch Peaks Credit Union branch to complete the HSA application.