More flexibility and control over health care costs.
HSAs empower you to make your own health care decisions. Achieva offers a Health Savings Account* as well as 6-month and 12-month HSA Certificates of Deposit.**
Use pre-tax dollars to pay for future medical expenses
You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis. Best of all, distributions from your HSA are tax-free if they are used for qualified medical expenses.
Opening your HSA
To open an HSA, you must select a high-deductible health care plan. The deductible must be at least $1,200 for an individual plan and at least $2,400 for a family plan.*** The major advantage of a high deductible plan is lower premiums!
Contributing to your HSA
You must enroll in a high-deductible health care plan before you can make HSA contributions. The maximum annual HSA contribution is the amount of your deductible under your high-deductible health care plan. Your employer’s contributions to your HSA are tax-free, and you can deduct your own contributions to your HSA on your own income tax return.
Account balance is carried over
Unlike contributions to a flexible spending account, the balance of your HSA at the end of the year is carried over to the next year. You are not placed in the position of having to “use it or lose it” each year.
Protection from catastrophic medical costs
The high-deductible health care plan provides you with protection from catastrophic medical costs, and the HSA provides you with a source of funds to pay some or all of the costs not covered by the health plan. To be coordinated with an HSA in 2011, a high-deductible plan cannot have out-of-pocket limits which exceed $5,950 for an individual plan or $11,900 for a family plan.**
Control and flexibility
An HSA enables you to take control of your health care decisions. Since you are the owner of the HSA it doesn’t matter what your job status is or whether your employer makes contributions to your plan. Your HSA will always follow you.
Let Achieva Credit Union be your partner
Opening an HSA account at Achieva Credit Union is easy, and dividends will be credited to the account on a monthly basis. Also, for your convenience, you can easily access your account anytime via Online Home Banking or MoneyLine by calling (727) 586-6669 or (941) 907-4040.
Health Savings Account Benefits:
- Protection – You will have an opportunity to save money to pay high or unexpected medical bills.
- Affordability – High health insurance policy deductibles mean lower premiums.
- Savings – Your ability to deduct your contributions and the tax deferral of account earnings enables you to build up funds in your account.
- Flexibility – You can contribute at any time during the year to your HSA, and your balance rolls over from year to year.
- Portability – You own the account, so it goes with you wherever you go, regardless of any job changes.
- No annual fee MasterCard® debit card to access your funds.
Not intended as tax advice. Please consult a tax professional for advice about your particular tax situation.
* Certain fees may apply. Please refer to our current Schedule of Fees
** The minimum to purchase a CD is $500. Please contact us for current rates.
*** These are the limits for 2011. Limits are adjusted annually for inflation.
Click here for current rates.