Health Savings Account

Personal Accounts

Health Savings Account

Simplify your life

Move your HSA to Ideal Credit Union

If you have a qualifying high-deductible health plan, simplify your life by opening or moving your HSA to Ideal Credit Union. You’ll earn a competitive yield with no fees and no minimum distribution amount. Interest earned is also tax free.

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Tax advantages

  • Contributions are 100% tax-deductible
  • Funds grow on a tax-deferred basis and funds used for eligible medical expenses are tax-free
  • Funds rollover from year to year
  • Funds used after age 65 are tax-free for eligible medical expenses

Simple record keeping

Accountholders are responsible for keeping records and receipts for all medical expenses paid using their HSA account. To make this process as simple as possible, we provide several tools via Ideal Online Banking.

  • eStatements - view the past 7 years worth of statements
  • Images of your checks written
  • Records of your debit card transactions.

Do I Qualify?

Eligibility Requirements

  • You must be covered by a High Deductible Health Plan (HDHP)
  • You can not be enrolled in Medicare
  • You can not be claimed as a dependent on another person's tax return
  • You can not be covered by any other health insurance that is not an HDHP

Insurance Coverage Exceptions

The following are exceptions, called "permitted insurance" which an individual can have in addition to the HDHP and still qualify for an HSA:

  • Specific disease or illness insurance
  • Accident, disability, dental care, vision care and long-term care insurance
  • Discount card such as a pharmacy card
  • Insurance that provides a fixed payment per day (or other period) for hospitalization

HSA Contributions

Contributing to a Health Savings Account is easy – and it comes with some great tax advantages.

Who Can Contribute?

  • Employers and employees as long as the account holder meets the requirements for HSA eligibility
  • Family members or any other person can make contributions on behalf of an eligible individual

Contributions Are:

  • Tax-deductible for the account holder
  • Owned by the account holder and remain theirs until the funds are used
  • Accepted year-round until the individual's tax deadline (typically April 15)

Contribution Limits

 Year 2017Year 2018
Maximum Contribution$3,400$6,750$3,450$6,900
Maximum Contribution (If age 55 or older)$4,400$7,750$4,450$7,900
The deadline for contributions is the same as your tax filing deadline excluding extentions.
For most individuals this is April 15.

Catch-up contributions for those 55 and older are $1,000.

Spending your HSA

Spending your HSA

Spending the money you’ve accumulated in your HSA is as simple as writing a check or swiping your debit card – but to take full advantage of the benefits, there are some things you should know.

HSA funds are payable on demand. There are no restrictions on when or how you may take distributions. However, to fully recognize the tax advantages, funds must be used for qualified medical expenses.

What Happens To Unused HSA Funds?

  • No use it or lose it rules
  • All amounts in the HSA are fully vested
  • Unspent balances in accounts remain in the account until spent
  • Accounts can grow through investment earnings, just like an IRA
  • Same investment options and investment limitations as IRA
  • Same restrictions on self-dealing as with IRAs

What Happens When I Reach Age 65?

As of age 65, funds can continue to be used for eligible medical expenses tax-free. You may also use the funds for non-eligible expenses and you are only subject to ordinary income tax without any IRS penalty.

Health Savings Accounts

2018 Holiday Hours

New Year's Day
Monday, January 1st
All locations closed.

Martin Luther King Jr Day
Monday, January 15th
All locations closed.

Presidents' Day
Monday, February 19th
All locations closed.

Good Friday
Friday, March 30th
All locations open regular business hours
Lobby - 9:00 a.m. to 5:00 p.m.
Drive-thru - 9:00 a.m. to 5:30 p.m.

Memorial Day
Monday, May 28th
All locations closed.

Independence Day
Wednesday, July 4th
All locations closed.

Labor Day
Monday, September 3rd
All locations closed.

Columbus Day
Monday, October 8th
All locations closed.

Veterans Day
Monday, November 12th
All locations closed

Thanksgiving Day
Thursday, November 22nd
All locations closed.

Day after Thanksgiving
All locations are open regular business hours
Lobby - 9:00 a.m. to 5:00 p.m.
Drive-thru - 9:00 a.m. to 5:30 p.m.

Christmas Eve
Monday, December 24th
All locations open regular business hours
Lobby - 9:00 a.m. to 5:00 p.m.
Drive-thru - 9:00 a.m. to 5:30 p.m.

Christmas Day
Tuesday, December 25th
All locations closed.

New Year's Eve
Monday, December 31
All locations open regular business hours
Lobby - 9:00 a.m. to 5:00 p.m.
Drive-thru - 9:00 a.m. to 5:30 p.m.

New Years Day
Tuesday, January 1st
All locations closed