Health Savings Account
Do you have a High Deductible Health Plan? Are you saving for your medical expenses? If so, New Horizons Credit Union has the HSA that is right for you. Achieving your financial success has never been so easy!
The Solution to Your High-Deductible Health Plan (HDHP)
What is a Health Savings Account (HSA)?
A HSA is an account to put money into to save for medical expenses. Your high-deductible health plan combined with your Health Savings Account (HSA) help protect you and your wallet against high or unexpected medical bills.
Who can have a HSA*?
Any adult who has health insurance under a HSA-qualified “high-deductible health plan (HDPD)”, has no other medical coverage, not currently enrolled in Medicare, and are not claimed as a dependent on someone else’s tax return can open a HSA.
* Consult your tax professional or the IRS for eligibility.
Who can contribute to a HSA*?
Contributions can be made by you, your employer, or both up to eligible limits.
* Consult your tax professional or the IRS for contribution limits.
Why Choose New Horizons Credit Union for your HSA?
No maintenance fees or service charges
New Horizons Credit Union does not charge monthly, quarterly or annual fees on your HSA.
Free Debit Mastercard® access
A free Debit Mastercard® is available to you at the time you open your HSA.
Free First Set of Checks
New Horizons Credit Union will purchase your first set of 25 checks free of charge to you.
Free Online Access
You can access your account online to check balance and verify items have cleared. You can also access your e-statements for 18 months for easy access at tax time.
What is the advantage of a HSA?
Your HSA is flexible. You can use the funds for medical expenses now, or save the money for your future medical expenses, such as:
- Health insurance or medical expenses if unemployed.
- Medical expenses after retirement such as expenses incurred before you qualify for Medicare or out-of-pocket expenses not covered by Medicare.
- Long-term health care and expenses.
You control the decisions about your HSA. You can decide how much to put in your account* up to IRS maximum limits, which expenses to pay from the account, or whether or not to save it for your future expenses. It’s up to you.
Your HSA is portable. If you decide to change jobs, change your medical coverage, get married, move to another state, or even become unemployed, the funds are yours and they go with you.
Your HSA will roll over year to year. Unlike FLEX spending accounts, there is no “use it or lose it” rules or deadlines hanging over your head.
Your HSA may provide tax savings*.