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HEALTH SAVINGS ACCOUNTS
Health Savings Accounts (HSAs) are designed to give consumers more control over their health coverage, enabling them to choose their own doctors and shop around for the best deal on other services and procedures while receiving tax breaks at the same time.
The accounts must be connected to a high–deductible insurance policy—high deductible considered to be at least $1,150 annually for an individual and $2,300 or more annually for a family.
Once you open an HSA, you may contribute up to $3,000 per individual and $5,950 per family per year (for tax year 2009). Those who turn 55 by the end of the tax year can increase their annual HSA contributions to $1,000 in 2009 and thereafter. Contributions must stop after the policyholder retires, however, and current retirees are not eligible to open an HSA.
Benefits of a PEFCU Health Savings Account:
- No minimum balance required, $25 to open account
- Free Visa® debit card to access your funds immediately
- Competitive dividend rate ($1,000 minimum daily balance to earn Annual Percentage Yield)
- Free online account access
How do I access my money in an HSA for medical expenses?
PEFCU makes it easy for you to pay for your medical expenses from your HSA. Since the account is a checking account you receive all the great benefits of PEFCU's SensibleTM Checking. Free Visa debit card, free online services, free face-to-face teller transactions and more. Simply use your Visa debit card to pay at the doctor's office, dentist or pharmacy.
*For disclosures, please see Guide to Member Services and Further Information.