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0.80% APY** UECU Health Savings Account

With the rising cost of health care and many companies offering high deductible health care plans, UECU’s HSA helps you defray the cost of health care expenses. Our HSA earns a great high-yield dividend while helping you manage your health care.

  • Make medical purchases with the free HSA Visa Debit Card everywhere Visa is accepted – and earn VantagePoints rewards on your signature-based, point of sale card purchases
  • With UECU’s HSA you don’t have to worry about moving the account if you switch jobs
  • Contributions are tax-deductible, earnings are tax-deferred, and qualified distributions are tax-free and penalty-free
 

HSAs were created by Congress through the Medicare, Prescription Drug, Improvement, and Modernization Act of 2003 and became effective on January 1, 2004. They were created in response to the rising cost of health care and health insurance and the larger number of individuals and families with high deductible health plans. The intent of Congress in passing the Health Savings Account (HSA) legislation was to provide financial incentive to employers of all sizes to provide health insurance and put health care decisions back in the hands of consumers.

  • Health Savings Accounts (HSAs) are accounts insured by the NCUA up to $250,000 collectively for all savings products excluding IRAs
  • HSA contributions can be made by payroll deduction, employer deposit, check deposit, or funds transfer from a member’s UECU share savings or checking account
  • Eligible contributions are fully tax deductible
  • Qualified Distributions are tax-free and penalty-free
  • Rollovers and direct transfers can be made from one HSA to another HSA or from a Medical Savings Account to an HSA
  • No required minimum distributions
  • Earns a high-yield dividend rate
  • Combined quarterly statement
  • With a UECU HSA, you can easily access your funds
    • Make medical purchases with the free HSA Visa Debit Card everywhere Visa is accepted – and earn VantagePoints rewards on your signature-based, point of sale card purchases
    • Order checks if you prefer to write checks from your HSA to cover your medical expenses

What is a Health Savings Account (HSA)?

They are similar to IRAs in that contributions are tax deductible, earnings are tax deferred, and qualified distributions are tax-free and penalty-free. The account is also portable (you can retain the account after he/she changes employment or health insurance plans). Additionally, there is “no use it or lose it” provision as with Section 125 plans. HSAs are not, however, designed as long-term savings accounts.

You (and your spouse, if you have family coverage) generally cannot have any other health coverage that is not a high deductible health plan (HDHP). However, you can have additional insurance that provides benefits only for the following items:

  • Liabilities incurred under workers’ compensation laws, tort liabilities, or liabilities related to ownership or use of property.
    • A specific disease or illness.
    • A fixed amount per day (or other period) of hospitalization.
    • Your funds will be automatically deposited into your Share Savings Account unless you instruct otherwise.
  • You can also have coverage (whether provided through insurance or otherwise) for the following items:
    • Accidents
    • Disability
    • Dental care
    • Vision care
    • Long-term care

The main requirement is that the individual must be covered under a qualified HDHP. The plan must meet both the requirements listed in the chart below:

Year Single Coverage HDHP Family Coverage HDHP
  Minimum Deductible Maximum Out-of-Pocket Minimum Deductible Maximum Out-of-Pocket
2018 $1,350 $6,650 $2,700 $13,300
2019 $1,350 $6,750 $2,700 $13,500
Year Single Coverage
Annual Limit
Family Coverage
Annual Limit
Over 55 Catch-Up
Contribution
2018 $3,450 $6,900 $1,000
2019 $3,500 $7,000 $1,000

 

Have Questions? Need Help Getting Started? Call 800.288.6423.
To open an HSA, complete the application and return it to UECU. 
HSA Application Forms and Disclosures

*Earn 1 UECU VantagePoint™ for every $2 you spend with an HSA Visa® Debit Card on qualified healthcare expenses. Cardholders must be enrolled in E-Statements to earn 1 point for every $2 spent on Visa purchases. ATM cash transactions or cash advance transactions are not eligible to earn points. Points are earned net of credits.

**APY=Annual Percentage Yield

Health savings accounts help meets today’s needs and in retirement.  Get ready for retirement today.

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