Health Savings Account
Health Savings Accounts (HSAs) are tax-free accounts
established to pay for future qualified medical expenses. The accounts are
intended to assist those who have chosen a health insurance plan with a high
deductible. In addition to the savings account, WESTconsin Credit Union also
offers an HSA checking account with free checks or debit card for easy access to your HSA
funds and an HSA Share Certificate to earn even higher dividend rates on your
Health Savings Account debit cards are available and work
similar to the
WESTCheck debit card with the same great features and benefits.
Funds may only be withdrawn from your HSA checking account. You may withdraw
funds using an ATM; however, you will not be able to make a depost at an ATM.
HSA debit card application to apply.
How Does an HSA Work?
You must have a high-deductible health plan (HDHP)
Open an HSA—a tax-sheltered savings account that you can withdraw from anytime,
tax-free, to pay for medical expenses not covered by your health plan
Each year you qualify, you can fund your HSA with tax-deductible contributions
Individuals or employers can contribute to an HSA at any time throughout the
year up to the applicable contribution limit
If you’re age 55 or better, you can make additional “catch-up” contributions
Carry over any unused funds from the previous year—no "use it or lose it"
You Are Eligible to Open an HSA if You Are:
Covered by a qualified HDHP
Not covered by other health plans which do not qualify as an HDHP
Not enrolled in Medicare
Not receiving, or have not received, veterans medical benefits in the previous
Not claimed as a dependent on someone else’s tax return
For more information on Health Savings Accounts, speak with your insurance
company and/or your tax consultant. Then visit your local WESTconsin
Credit Union office and set up your account with a Member Services
Representative. Further details, including descriptions of qualified medical
expenses and contribution requirements, are also available on the Department of
the Treasury: Office of Public Affairs website.