Health Savings Account (HSA)

• All HSA holders can save up to $3,850 for an individual and $7,750 for a family.
• If you're an HSA holder who is 55 years old or older, you'll get to save an extra $1,000, which means $4,850 for an individual and $8,750 for a family.

These contributions are 100% tax deductible from gross income. The minimum annual deductibles are $1,500 for individual coverage or $3,000 for family coverage.

Keep in mind, annual out-of-pocket expenses (deductibles, co-payments, but not premiums) cannot exceed $7,500 for individual coverage and $15,000 for family coverage. These limits are in accordance with the IRS guidelines for minimum deductible and maximum out of pocket expenses.

These limits are updated each year. The numbers listed above pertain to tax year 2023.

You can use your HSA card as a debit card with your PIN, so you can sign for your qualified medical expenses like a credit card, and the card will work at ATM machines. You can make balance inquiries and deposits to your account like any other savings account — just remember, per IRS guidelines, this account can only be used for qualified medical expenses.

You can invest your HSA funds into a variety of no-load or load-waived mutual funds via our brokerage HSA through a partnership with DEVENIR, a national leader in investment options for health benefit plans. A minimum liquidity of $1,000 is required in the CCU HSA Checking Account when taking advantage of the HSA investment options. View information about this benefit or our current plan options.

You can have as many as you'd like, as long as the annual contribution limit in all your accounts doesn’t exceed the annual contribution limits the IRS sets.

• You must be 18 years or older.
• You must be a Consumers Credit Union member with a minimum $5 balance in your personal savings account.
• You must be enrolled in a high deductible health plan (HDHP) and not covered by another general coverage medical plan or Medicare.
  
• Individual coverage
  • Minimum annual deductible of $1,500
  • Annual out of pocket expenses (deductibles, co-payments, but not premiums) cannot exceed $7,500
• Family coverage
  • Minimum annual deductible of $3,000
  • Annual out-of-pocket expenses (deductibles, co-payments, but not premiums) cannot exceed $15,000
  • These limits are in accordance with the IRS guidelines for minimum deductible and maximum out of pocket expenses.