Health Savings Accounts

Why is a Health Savings Account important?

By establishing a Health Savings Account, you are putting control of your healthcare spending into your own hands.

* A.P.Y. (Annual Percentage Yield) rate is variable and is subject to change.  Rate current as of March 22, 2019.

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.

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.

To open an HSA, complete the following:

 

  • 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 Agreement and Discolosure Statement.
  • Complete the HSA Application.
  • Complete the HSA Eligibility and Information Form.
  • Complete Sections II and III of the Ashland CU Disclosure Statement.
Requirements
  • You must be covered by an HDHP and you can not be covered by any other medical plan that is not an HDHP.
  • Balances in an HSA account carry forward from year to year.
  • Conbributions to an HSA account are deductible for federal tax purposes, and subject to the limits under tax codes.
  • Annual contributions are capped by the federal government.
  • Participants age 55 and over may be able to contribute and annual “catch up” contribution.
Contributions
  • $50 minimum initial contribution
  • Periodic contributions through:
    • Payroll deduction/direct deposit
    • ACH from another account of applicant
    • Personal checks
    • Transfer from ACU savings, checking or money market account
Distributions
  • 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.
Ashland Credit Union recommends consulting with a tax advisor about the tax implications of this account.

Open an HSA

  1. If you are not already a member of Ashland CU, you must apply for membership.
  2. Review pages 2-5 of the HSA Custodial Account Agreement and Disclosure Statement 
  3. Complete the HSA Application
  4. Complete the HSA Eligibility and Information Form  and
  5. 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 US Department of the Treasury’s website at www.ustreas.gov.

Address

1300 Central Ave.

Ashland, KY 41101

 

Call Us

1-800-245-8112

(606) 329-5489