Health Savings Account (HSA)

Prepare for out-of-pocket medical expenses that aren’t included in your High Deductible Health Plan.

Plan Ahead With HSAs

Whether you're planning ahead to cover unexpected out-of-pocket medical expenses, strategizing to offset a high annual deductible or hoping to save on taxes, an HSA through Credit Union 1 can help meet your needs.

Here's what you need to know:

HSAs are tailored for those with qualified High Deductible Health Plans.
Contributions can be taken from your paycheck pre-tax which reduces your taxable income.
Interest and withdrawals are tax-free as long as you spend the money on eligible items.
HSA savings roll over at the end of the year so you only spend when you need to.

Ready to take the next step?

If you’re ready to open an HSA, visit your local CU1 branch or call us at (907) 339-9485 or (800) 478-2222.

Frequently Asked Questions

To be an eligible individual and qualify for an HSA contribution, you must meet the following requirements.

You are covered under a qualified high deductible health plan (HDHP) on the first day of the month.
You have no other health coverage except what is permitted under other health coverage.
You aren't enrolled in Medicare.
You can't be claimed as a dependent on someone else's tax return for the most recent year.

If you meet these requirements, you are eligible even if your spouse has non-HDHP family coverage, provided your spouse’s coverage doesn’t cover you.

Also, you may be eligible even if you receive hospital care or medical services under any law administered by the Secretary of Veterans Affairs for a service-connected disability.

For more information, visit the IRS website.

While there is no charge to open an HSA or minimum balance requirement, a $5 monthly maintenance fee will be charged if your balance falls below $100 during the calendar month.

The IRS has a broad list of expenses related to medical, dental, and vision care that it considers as qualified expenses for an HSA. As long as you spend your funds on any of these IRS-approved expenses, the distribution is not taxed.

For more information, visit the IRS website.

Yes, an HSA with Credit Union 1 is federally insured by the NCUA.