Savings

Health Savings Accounts


Health Savings Accounts (HSA) are individually-owned accounts which allow you to make tax-deductible contributions, accumulate earnings on a tax-deferred basis, and withdraw money tax free to pay for qualified medical expenses.

HSAs are designed for individuals who have chosen a high deductible health plan. Funds in an HSA can be used to pay for qualified medical expenses until the deductible has been met and insurance kicks in. For general information about HSA's visit our Q&A's.

Minimum Balance Certificates $500
Monthly Service Charge None
Terms Up to 60 months for HSA Certificates
Contributions Contributions for any tax year may be made at any time before the deadline for filing your federal income tax return for that year (without extensions).

It is your responsibility to determine whether contributions to your HSA have exceeded the maximum annual contribution limit.
Contribution Limits

Since 2007, HSA contributions are no longer limited to the amount of the deductible of the High Deductible Health Plan (HDHP) and are instead tied to just the annual contribution limit for your type of health plan.

2017 Guidelines
Type of Coverage  Minimum Deductible  Maximum Out-of Pocket Expenses Contribution Limit
Single $1,300  $6,550 $3,400 
Family   $2,600  $13,100  $6,750
 

 

2016 Guidelines
Type of Coverage  Minimum Deductible  Maximum Out-of Pocket Expenses Contribution Limit
Single $1,300  $6,550 $3,350 
Family   $2,600  $13,100  $6,750


 

 

For 2017 & 2016 an additional $1,000 catch-up contribution can be made if you are at least age 55 or older and are not enrolled in Medicare. 

Distributions Distributions of funds from a HSA may be made at your request. You are responsible for substantiating that the distribution is for qualified medical expenses and must maintain records sufficient to show, if required, that the distribution is tax-free.
Withdrawal Penalty Distributions that are not used for qualified medical expenses are included in your gross income and are subject to an additional 10% tax on that amount. There is an early withdrawal penalty on a HSA certificate.
Share HSA Dividend Rate   .10% APY
Dividends are compounded and paid monthly based on the average daily balance. The dividend rate and APY may change every dividend period as determined by the Board of Directors.
Certificate HSA Dividend Rates

Rates effective as of 5/1/2017

Terms Annual Percentage Yield
6 months .15%
12 months .30%
15 months ($10,000 minimum) .35%
24 months .40%
36 months .60%
48 months .85%
60 months 1.10%

Dividends are compounded and paid monthly based on the average daily balance.
Automatic Deposits You may have money deposited into your account with automatic transfer or payroll deduction.
Statements Issued Quarterly by If you have a checking account or electronic transactions post to your prime shares, monthly statements are provided.
ASI Insured Funds are insured up to $250,000 per account. By member choice, this institution is not federally insured. Click here for more information regarding ASI.

†APY = Annual Percentage Yield

For more information regarding HSAs visit our Q&A's, e-mail info@abricu.com or call (815) 267-7700 or (866) 469-6228.