Health Savings Accounts

Medical Savings with a tax advantage

The Health Savings Account (HSA) allows you to set aside pre-tax dollars to pay for current or future qualified medical expenses, similar to flex-spending accounts. These contributions into your account are tax deductible and the dividends paid to the account are tax-free. Any unused funds remain in the HSA year after year, earning tax-deferred dividends. Additional information is available at www.irs.gov.

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.

View our current Health Savings Account rates.

×
Have a minute?  Take our quick member survey