Saving For Your Health Care Expenses Matters!
Health Savings Accounts (HSA) are tax-exempt accounts established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents. If you meet the eligibility requirements for an HSA, you, your employer, your family members, and any other person may contribute to your HSA. Great River Federal Credit Union offers two flexible HSA options. Below are the features of HSA Savings and HSA Checking Accounts at Great River Federal Credit Union.
Features of HSAs:
- No start-up fees
- No annual fees
- Dividends compounded monthly
- Access funds by:
– Using your debit card
– Writing out a check
– Coming in to any GRFCU branch
- Automatic deposit available
- No minimum distribution amount
- Free online account access
Am I eligible for an HSA?
You are eligible for a regular HSA contribution if, with respect to any month, you:
- Are covered under a high-deductible health plan (HDHP) on the first day of such month;
- Are not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventative care and limited types of permitted insurance and permitted coverage);
- Are not enrolled in Medicare; and
- Cannot be claimed as a dependent on another individual’s tax return.
Want to learn more about Health Savings Accounts?
- Visit the IRS Website
- Call (320)252-5393 and ask to speak to a Member Service Representative
For specific information, you are encouraged to consult your tax or legal professional. IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, the instructions to IRS Form 8889, and the IRS’s website, www.irs.gov, may also provide helpful information.