Health Savings Account (HSA)
An EECU Health Savings Account (HSA) enables you to save for and conveniently pay for qualified healthcare expenses, while you earn tax-free interest and pay no monthly service fees.
Opening a Health Savings Account provides both immediate and long term benefits. The money in your HSA is always yours, even if you change jobs, switch your health plan, become unemployed or retire. Your unused HSA balance rolls over from year to year. And best of all, HSAs have tax-free deposits, tax-free earnings and tax-free withdrawals. And after age 65, you can withdraw funds from your HSA penalty-free for any purpose.*
EECU HSA Benefits
- Save money tax-free for healthcare expenses – contributions are not subject to federal income taxes and can be made by you, your employer or a third party*
- No monthly service fee – so you can save more and earn more
- Earn competitive dividends on your entire balance – compounded daily and paid monthly from deposit to withdrawal
- Conveniently pay for qualified healthcare expenses – with a free, no annual fee EECU HSA Debit Mastercard® or via EECU’s free online bill pay. (HSA checks are also available upon request, for a nominal fee**)
- Free online, mobile and branch access – allows you to actively manage your account however you prefer
- Comprehensive service and support – to assist you in optimizing your healthcare saving and spending
- Federally insured – to at least $250,000 by NCUA
HSA Eligibility Requirements
To qualify for a Health Savings Account, the IRS requires:
- You must be covered under a high deductible health plan
- You have no other health coverage
- You are not enrolled in Medicare
- You are not claimed as a dependent on someone else's return
Start saving more and set aside money for your healthcare expenses.
HSA Checking Rates
||Min. Opening Deposit/Balance1
|$10,000 or more
1$5 minimum opening deposit and balance is required. You will receive a Health Savings Account Agreement and Disclosures at enrollment. Please refer to those documents for complete terms and conditions. A free, no annual fee EECU HSA Debit Mastercard® will be sent to you separately. And, an EECU Health Savings Account Specialist is available to assist you with any questions you may have about your EECU Health Savings Account.
2 APY=Annual Percentage Yield. Average daily balance is required to earn the disclosed Annual Percentage Yield. Fees could reduce the earnings on the account.
*Contributions, investment earnings, and distributions are tax free for federal tax purposes if used to pay for qualified medical expenses, and may or may not be subject to state taxation. A list of Eligible Medical Expenses can be found in IRS Publication 502, http://www.irs.gov/pub/irs-pdf/p502.pdf. As described in IRS publication 969, http://www.irs.gov/pub/irs-pdf/p969.pdf, over-the-counter medications (when prescribed by a doctor) are considered Eligible Medical Expenses for HSA purposes. For more information consult a tax adviser or your state department of revenue.
**Call 817-882-0800 or stop by a branch to order HSA Checks: book of 100 costs $26.95.
†Membership in EECU is required - membership information available at eecu.org.