Health Savings Account

Health Savings Account

Health Savings Accounts

Don’t get caught off guard by medical expenses. If you have a high-deductible health plan, a Health Savings Account (HSA) is the perfect vehicle to save tax-free earnings and make tax-free withdrawals for qualified medical expenses.

We make it easy to track your medical expenses with an HSA Visa® Debit Card, so you can pay for doctor appointments, prescriptions and other qualified expenses directly from your HSA.


HSAs 101

Funds for HSAs come from pre-tax deductions from your paycheck that are automatically deposited into the account each pay period, like a 401(k). Those funds, including the dividends you earn on them, are available for use on qualifying medical expenses. Your HSA funds and the dividends never expire—they roll over year after year so you can use them any time.

Eligibility Requirements

  • Adults must have coverage under a HSA-qualified “high-deductible health plan” (HDHP).
  • You can’t have other first-dollar medical coverage.
  • You can’t be enrolled in Medicare.
  • You can’t be claimed as a dependent on someone else’s tax return.
  • You must not have received Veterans Affairs medical benefits in the previous three months.

Contribution Limits

Minimum DeductibleMaximum Out-of-PocketContribution Limit55+ Contribution

Federal law requires that the health insurance deductibles fall within the limits in the chart above.

NOTE: These are 2016 IRS guidelines for qualifying HDHP and contributions. Contact your health plan representative to determine if your plan qualifies. The deductible must apply to all medical expenses (including prescriptions) covered by the plan. Plans can pay for “preventive care” services on a first-dollar basis (with or without a co-pay). Preventive care can include routine prenatal and well-child care, child and adult immunizations, annual physical, mammograms, pap smears, etc.


Learn more about providing HSAs for your employees.

© Copyright 2017. IH Mississippi Valley Credit Union. All rights reserved. Federally Insured by NCUA | Equal Housing Opportunity | NMLS #463074

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