A Health Savings Account (HSA) gives you more control over your healthcare expenses. Health Savings Accounts are combined with an HSA-compatible high deductible health plan to offer a more affordable approach to healthcare. The health plans typically provide lower premiums and the HSA provides tax benefits when contributions are made, as funds grow and when used to pay for qualified medical expenses. Lower insurance premiums combined with using tax-free money can lead to significant savings. To see a current copy of our HSA book effecitve 2012 in a pdf, please click here.

Scroll down for a list of the contribution limits.

	What It Is	A special savings allowing you to save money to pay for qualified medical expenses for yourself and your dependants
	What It Does	Allows you to earn tax-free dividends while they are saving up money for medical-related costs
	Who Is Eligible	Anyone who: is not enrolled in Medicare cannot be claimed as a dependant by someone else is covered by a High Deductible Health Plan (HDHP) Member needs to ask their insurance provider if their insurance coverage is HSA compatible
	Opening Deposit	$0.00
	Minimum Balance to Earn Interest (APY)	$.01
	Annual Service Fee	$10.00 Automatically w/d from the HSA on the yearly anniversary date of opening the account
	Dividends Paid	YES Monthly
	Tiered Rate	YES $0.00 – $2,499.99 $2,500.00 – $9,999.99 $10,000.00 – $24,999.99 $25,000.00 – $49,999.99 $50,000.00 +
	How often can APY change?	Monthly
	Dormant Fee	NO
	Balance Method	Daily – meaning dividends are calculated by applying a rate to the balance in the account each day.
	Debit Card Allowed	YES 2 free cards are allowed, additional cards are $10.00 each Free if used, $5.00 per quarter if debit card is dormant
	Closing Fee	$50.00 Only if the account is closed within 365 days of opening If closed within seven days of opening, no fee applies
	Contribution Limits	YES (see tables below) Separate limits exist for Single or Family coverage Catch-up contributions can be made by members age 55 or older All limits are revised each year and therefore are subject to change
	Limit on Withdrawals or Transfers	NO If w/d is for qualified medical expenses as defined below: Doctor visits, Dentist visits, Prescriptions, Transportation to receive medical or dental care, Healthcare coverage if you are receiving federal or state unemployment compensation, Long-term Care Insurance, etc. Any funds not used for medical expenses are subject to taxation and a 20% penalty.
	Withdrawal Fee	$2.00 Charge ONLY if funds are w/d in a credit union check below $3,000.00
	Special Characteristics	First pack of 50 checks are free; member is responsible for any additional checks Member is responsible for keeping all receipts, keeping track of their contributions, etc… for tax purposes Can only be opened under personal accounts Primary insured person must be the primary member on the account Funds roll over from year to year Cannot use Flex dollars to pay for covered medical expenses if you have an HSA For NCUA purposes, an HSA is not considered the same as an IRA. (HSA balances are added onto any other individual accounts of the owner and are insured up to $250,000.) All rules concerning beneficiaries are the same as with any other share account.

CONTRIBUTION LIMITS

		Tax Year
		2011	2012
Single Coverage HDHP	Minimum Deductible	$1,200	$1,200
	Minimum Out-of-Pocket	$5,950	$6,050
Family Coverage	Minimum Deductible	$2,400	$2,400
	Minimum Out-of-Pocket	$11,900	$12,100
Single Coverage Contribution Annual Limit		$3,050	$3,100
Family Coverage Contribution Annual Limit		$6,150	$6,250
Over 55 Catch-Up Contributions		$1,000	$1,000