Frequently Asked Questions

​You can spend your HSA money tax-free, on out-of-pocket qualified medical expenses. These include co-payments for medical care, prescription drugs, medical bills not covered by insurance and more. The IRS determines what is considered a “qualified medical expense”. You can review the most updated list at IRS Publication 502.

​Visit the IRS website for the most current information on annual HSA contribution limits. Once you reach age 55, you can make an additional “catch-up” contribution each year until you enroll in Medicare. However, once enrolled, you are no longer eligible to make contributions to your HSA.

​To open an HSA you must have a high deductible health plan (HDHP). Check with your insurance carrier or employer to see if you qualify for an HDHP. In addition;

• No other health coverage except what is permitted by IRS Publication 969
• You cannot be enrolled in Medicare
• You cannot be claimed as a dependent on someone else’s tax return

​When your certificate matures and your term is up, you’ll have a chance to withdraw your money. If you don’t withdraw, we’ll roll over your money into a new certificate with a term that matches your old one.

​For our Smart Growth Certificate, we have terms up to 84 months. For our traditional Certificate, terms go up to 72 months.

​You must have a high deductible health plan (HDHP) to open an HSA. Check with your insurance carrier or employer to see if you qualify for an HDHP. In addition;

• No other health coverage except what is permitted by IRS Publication 969
• Cannot be enrolled in Medicare
• Cannot be claimed as a dependent on someone else’s tax return

If you meet all the above criteria, you can apply for one of our HSAs right here online.

We’ll send the money you’ve saved back to your Money Market or Checking Account each year on November 1st.

No

​There is no minimum balance required for our IRA savings accounts. For our IRA certificates, the minimum balance is $500 for a share certificate, and $100 for a Smart Growth certificate.

​A certificate is an option you can use with either a Roth or Traditional IRA, in order to save more money. It is an investment account, similar to a CD from a bank, that allows you to save more by leaving your money untouched.

With a Traditional IRA, your contributions are tax-deductible (on state and federal tax returns) for the year you make the contribution. When you make withdrawals in retirement, you’ll be taxed. Roth IRAs do not offer a tax break for contributions, but your earnings and withdrawals during retirement are typically tax-free.

​As of 2018, the maximum contribution is $5,500 for those under 50, and $6,500 for those 60 or older.

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