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Deposit Accounts • Health Savings Accounts

WOC Health Plan Participants

Enrollment & Disclosure Packet

A Health Savings Account (HSA) is a tax-exempt custodial account established exclusively to pay or reimurse Qualified Medical Expenses you, and/or a qualified family member or dependent incur.

Elligibility: To be an eligible individual and qualify for an HSA, you must meet the following requirements as established by the Internal Revenue Service (IRS):

You must be covered under a High Deductable Health Plan
You must have no other health coverage except what is permitted by the IRS
You must not be enrolled in Medicare
You cannot be claimed as a dependent on someone else’s tax return

Maximum Contribution Limits: The amount you or any other person can contribute to your HSA depends on the type of HDHP coverage you have, your age, the date you become an eligible individual, and the date you cease to be an eligible individual. For 2012, if you have self-only HDHP coverage, you can contribute up to $3,100. Individuals not particpating in a HDHP the entire year may be restricted to lower funding levels. If you have family HDHP coverage you can contribute up to $6,250. Individuals age 55 and over may make an additional contribution annually of $1,000.

Resources:

WOC 2013 Health Insurance Information
Frequently Asked Questions About HSAs
Credit Union HSA Form Library
IRS Publication 502 Medical and Dental Expenses
IRS Publication 969 HSA & Other Tax-Favored Health Plans

IMPORTANT DISCLAIMER:
The information on this page or associate links is being provided to you as a member convenience only. United Methodist Financial Credit Union (Credit Union) does not offer tax or legal advice and this information is NOT intended to serve as tax, legal or insurance advice. You should direct all legal questions to an attorney and tax questions to a qualified tax professional regarding your specific situation.