Health Savings Accounts
Why is a health Savings Account important? By establishing a Health Savings Account, you are putting control of your healthcare spending
back into your own hands.
Above-market dividend rate:
A Health Savings Account (HSA) is a tax-exempt account established in conjunction with a High Deductible Health Plan (HDHP) exclusively for the purpose of
paying qualified medical expenses of the account owner and dependents.
Important information concerning a HSA:
- Current dividend yield: 1.00% A.P.Y. (Annual Percentage Yield)
- Compounded daily, credited monthly
- $50 minimum account balance required to earn a dividend
- You must be covered by a HDHP and you cannot be covered by any other medical plan that is not a HDHP.
- Balances in a HSA account carry forward from year to year.
- Contributions to the HSA account are deductible for federal tax purposes, subject to the limits under the tax code.
- Annual contributions are capped by the Federal Government
- Participants age 55 and over may be able to contribute an annual "catch up" contribution.
- Initial set-up fee is $15 which is waived with an Ashland CU checking account.
- Account history available through your monthly statements and Internet Teller
- No withdrawal fees.
- No monthly account maintenance fees.
- No account transfer fees.
- $50 minimum initial contribution
- Periodic contributions through:
- Payroll deduction/direct deposit
- ACH from another account of applicant
- Personal checks
- Transfer from Ashland CU savings, checking, or money market account
Open an HSA
- Check withdrawal ($25 minimum)
- Debit card via HSA funds transfer to an Ashland CU checking account
- Free HSA convenience checks (8 annually)
- Additional convenience checks available for $1.00 (4 checks per page)
- Ashland CU checking account overdraft fees apply
- Monthly account transfer and withdrawal limitations apply
- If you are not already a member of Ashland CU, you must apply for membership.
- Review and familiarize yourself with pages 2-5 of the HSA Custodial Account Agreement
and Disclosure Statement
- Complete the HSA Application
- Complete the HSA Eligibility and Information Form and
- Complete Sections II and III of the Ashland CU Disclosure Statement
To hear more about what our HSA program can do for you, call us at 1-800-245-8112. For additional information on Health Savings
Accounts, please consult your tax professional, log-on to the IRS’s website at www.irs.gov, or the USDepartment of the Treasury's website at www.ustreas.gov.