Health Savings Accounts (HSA)
Health Savings Accounts (HSAs) are accounts established to pay for future qualified medical expenses with potential tax benefits. 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 a free debit card for easy access to your HSA funds and an HSA Share Certificate to earn even higher dividend rates on your deposit.
Free debit cards are available with Health Savings Accounts and work similar to the WESTCheck debit card. You may withdraw funds using an ATM; however, you will not be able to make a deposit at an ATM.
Download the 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 qualified medical expenses not covered by your health plan
- Each year you qualify, you can fund your HSA with tax-deductible contributions
- Individuals and/or employers can contribute to an HSA up to the annual 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" stipulations
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 three months
- Not claimed as a dependent on someone else’s tax return
For more information on Health Savings Accounts with free checks and a free debit card, 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.