Health Savings Account- HSA
Everyone deserves the best care possible.
Set aside money to cover medical expenses
Tailored to your needs
Health Savings Accounts are designed for people with high deductible insurance plans.
Injuries, illness and more
Money can be used for doctor bills, hospital stays, dental work, vision care, prescription costs and many other purposes.
There when you need it
Quickly access funds with an HSA debit card, through Online or Mobile Banking or with free checks.
Deposits earn competitive dividends. All contributions, interest income and qualified withdrawals are tax-free.
Any funds left over at the end of one year get added to the following year's contributions.
This may be just what the doctor ordered
Nothing is more important than good health. Still, the high cost of care can stretch household budgets to the breaking point. That's where tax-advantaged Health Savings Accounts from Partner Colorado Credit Union come in. By saving up ahead of time, you'll have the funds needed to make sure you and your family can get well - and stay well.
The FAQs below are guidelines only and are not intended as tax advice. Please consult with your tax adviser to discuss your specific situation.
To be eligible for an HSA, you must meet the following requirements:
- You are covered under a high deductible health plan (HDHP) – described below.
- You aren’t enrolled in Medicare.
You can’t be claimed as a dependent on someone else’s tax return.
It’s a plan with a higher deductible than a traditional insurance plan. The monthly premium is usually lower, but you pay more health care costs yourself (your deductible) before the insurance company starts to pay its share. The IRS defines a high deductible health plan as any plan with a deductible of at least $1,350 for an individual or $2,700 for a family.
Self-Only Coverage - $3,550
Family Coverage - $7,100
An additional contribution of $1,000 may be made by individuals at least age 55 but younger than age 65 for a total maximum contribution of $8,000 (family) or $4,500 (self-only).
An HSA can be used to pay for your qualified health care expenses on a tax-advantaged basis, helping to reduce your total health care cost. Your unused HSA funds roll over from year to year, so you can also pay for your future qualified health care expenses on a tax-free basis. Because any contributions you make from your paycheck are made before tax is applied, your contributions also save you money by reducing your taxable income.
- The earnings in the HSA are tax deferred, and may be used tax free.
- You decide which medical expenses to pay from the HSA.
- Funds can be saved and used during retirement.
- There is no use-it or lose-it provision, as with a flexible spending plan.
- The HSA is not tied to an employer.
- The HSA increases in value with tax-deferred dividends.
- The HSA funds can be used for qualified medical expenses that are traditionally not covered by insurance. (be sure to check with IRA HSA guidelines for covered expenses).
You can pay with your HSA debit card, send a check to your provider (checks provided upon request) or pay the expense out of pocket and reimburse yourself by withdrawing funds from your HSA.
Generally, qualified expenses include doctor visits, medications, medical equipment, and dental and vision care for you, your spouse and any dependents. Learn more on the IRS website.
- Keep every receipt regarding medical expenses
- Hold onto HSA account statements, purchase receipts, employer contributions and any other documents showing medical expenses.
- The IRS can review returns for up to three years, so hang onto these items for the duration.
Take control of your personal finances through Online Banking.
- Real-time information
- Transfer money easily
- Track what's important to you
Fast-track your paycheck into your Partner Colorado account.
- Get your money up to two days earlier.
- Add security to the process.
- Let us do the lifting.
Resources to move you ahead.
Note: Consult with your tax advisor and plan administrator for your specific situation.