Health Savings Accounts - Hoosier Hills Credit Union

IMPORTANT FRAUD ALERT

Beware of Fraudulent Calls and Texts!

Fraudsters are impersonating HHCU and other financial institutions claiming there are fraudulent charges on your account. The calls may appear on Caller ID to come from HHCU, but they are not from us. For your financial security, NEVER give out your card PIN, passwords, or verification codes. If you receive a call, hang up and call us directly. A legitimate text from HHCU will never include a link, nor will there be no follow up call.

To report this scam or for further information, please contact our Hoosier Hills Contact Center experts at 800.865.2612 or 812.279.6644, email us at info@hoosierhills.com, or notify your local Service Center.

Type	APY	Dividend Rates
Health Savings Account	0.60	0.60

* Rates may change after the account is opened.

* $5 minimum balance required to open account.

* $0.01 minimum balance required to earn APY.

Rates effective as of 2-1-24

What are the contribution limits?
The annual contribution limit is based on the type of high-deductible health plan (HDHP) coverage you have. Current contribution limits are $3,550 for single coverage and $7,100 for family. "Catch up" contributions up to $1,000 per year are available to you if you are age 55 or older by the end of the taxable year and for any months you are not enrolled in Medicare.
How can I access my funds?
Hoosier Hills Credit Union HSAs come with a card and a PIN which you can use like any other credit or debit card. You can also transfer funds between your Hoosier Hills Credit Union accounts through Online and Mobile banking by contacting Member Service to have your accounts connected. Do retain your receipts for tax purposes so that you can demonstrate your spending was for qualified medical expenses. You will need these should your taxes be audited.
What happens if I don't need to use my HSA funds?
HSA funds are not "use it or lose it." The money you save belongs to you. It continues to accumulate, earn dividends and grow to give you even greater peace of mind. Your HSA balance will carry forward year after year, allowing you to budget for your health expenses and build up your savings to cover medical expenses when the need arises.
What type of expenses qualify for HSA use?
You can use the money in your HSA to pay for, or reimburse, qualified medical expenses for you and your family members including health insurance deductibles, co-payments, certain prescription medications, and out-of-pocket expenses.
Who can have an HSA?
HSAs must be used in conjunction with a High Deductible Healthcare Plan. HSAs can be opened for individuals and families.
What are the advantages of having an HSA?
HSAs allow you to make tax-deductible contributions for future medical expenses. Earnings, including gains in the HSA are tax deferred. Your HSA funds, both contributions and earnings, continue to be tax free as long as they are used to pay for qualified medical expenses.

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Health Savings Account

Helping You Prepare for Future Budget Challenges

Save today for security tomorrow.

Tax-Advantaged Savings for Greater Peace of Mind

Health Savings Rates

Questions

Investments

IRAs

Certificates

Money Market Accounts

Disclosures

Health Savings Rates

Frequently Asked Questions

IMPORTANT FRAUD ALERT

Health Savings Account

Helping You Prepare for Future Budget Challenges

Save today for security tomorrow.

​Tax-Advantaged Savings for Greater Peace of Mind

Health Savings Rates

Questions

Investments

IRAs

Certificates

Money Market Accounts

Disclosures

IMPORTANT FRAUD ALERT

Leaving Our Website

Tax-Advantaged Savings for Greater Peace of Mind