*All deposits insured to $250,000 by the NCUA. Annual percentage yield based on monthly dividends added to deposit. APY may vary once account is opened. Ask for details. Substantial penalty for early withdrawal. Fees may reduce earnings on accounts.
Health Savings Account
Breaking a bone doesn’t have to break the bank
Having a Health Savings Account (HSA) means the health of your wallet isn’t dependent on the health of your body. With tax-deductible deposits and tax-free withdrawals for qualified medical expenses, you won’t have to worry about losing an arm and a leg when you injure your arm or your leg!
Medical expenses made easy
Doctor visits, prescription drugs and over-the-counter medicine can all be paid for with your HSA debit card. Log in online or saunter on up to a Vibrant ATM to check in on your balance to see where you stand.
To be eligible for an HSA, you must meet the following eligibility requirements:
- Covered by a high-deductible health plan (no other health coverage, including Medicare)
- Unable to be claimed as a dependent on another person's tax return
- Under 65 (Individuals may not make regular contributions to an HSA at this age, but they can continue to use the invested funds)
Please note: people who have not signed up for Medicare and meet all of the other requirements can contribute to an HSA.
Multiple HSAs? Fold them into one!
You can roll over contributions to your HSA from another HSA or an Archer MSA. These are not subject to annual contribution limits, but you can only make one rollover within a 12-month period. To make sure you don’t get a tax penalty, all money withdrawn from your old account must be re-deposited within 60 days into the current HSA.
HSA transfer is easy (and tax-free)
If the need arises, you can always transfer HSA funds from person to person. Better yet, you can make these kinds of transfers infinitely and without a tax penalty. That means a portion or all of one HSA (or Archer MSA) can be transferred to another HSA tax free.