Your savings is federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency.
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Why launch an HSA?
• Tax-free distributions (if qualified)
• Tax-deferred earnings
• Tax deduction
• Accessibility to HSA assets
• Balance carried over from year to year
• Yours wherever you go
• Control of contributions and investments
• Lower insurance premiums on high deductible health plans
• Additional source of retirement income
Up, up and away
Before you "launch" your HSA, you'll need to take a look at your health insurance coverage. To contribute to an HSA, you must be covered under an HSA-eligible high deductible health plan (HDHP). An HDHP is HSA-eligible if it satisfies the annual deductible and out-of-pocket expense limits.
In addition to having HSA-eligible HDHP coverage, you:
• Cannot be covered by another health plan (with limited exceptions),
• Cannot be enrolled in Medicare, and
• Cannot be eligible to be claimed as a dependent on another person's tax return.
HSA eligibility is determined as of the first day of each month.
NOTE: An HDHP with self-only coverage is a plan that covers only an individual. An HDHP with family coverage is a plan that covers an individual plus one or more dependents.
*These limits are subject to annual cost-of-living adjustments.
The sky's the limit ... well, almost!
As long as you don't go over the limits that apply to your type of insurance coverage, you can contribute as much as you want, as often as you want throughout the year until your tax return due date (generally
April 15 of the following year). In fact, anyone can contribute for you, even your employer.
A tax-deductible take-off
As your HSA contributions "take off," don't forget about that tax deduction. As long as you cannot be claimed as a dependent on another person's tax return, you can deduct your HSA contributions (except those made by your employer).
A tax-free landing
When it's time to take money out of your HSA, prepare for a smooth "landing" without tax or penalty. Simply use the money for qualified medical expenses. This generally includes most medical, dental and vision care expenses that are incurred by either you, your spouse or any covered dependents.
HSA distributions not used for qualified medical expenses are subject to ordinary income tax and, if taken before age 65, a 20 percent IRS penalty tax (unless the distribution is because of death or disability).
For more information
Talk to us — we'll be glad to provide you with more information on HSAs.