Health Savings Account

• 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 $1,650
  • Annual out of pocket expenses (deductibles, co-payments, but not premiums) cannot exceed $8,300
• Family coverage
  • Minimum annual deductible of $3,300
  • Annual out-of-pocket expenses (deductibles, co-payments, but not premiums) cannot exceed $16,600
• These limits are in accordance with the IRS guidelines for minimum deductible and maximum out of pocket expenses.

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 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.

• All HSA holders can save up to $4,300 for an individual and $8,550 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 $5,300 for an individual and $9,550 for a family.