Health Savings Accounts
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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.
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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.
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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.
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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.
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HSAs must be used in conjunction with a High Deductible Healthcare Plan. HSAs can be opened for individuals and families.
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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.