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Health Savings Account Make healthcare affordable open a Health Savings by richman6

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									                                 Ohio HealthCare Federal Credit Union

              Health Savings Account
                                                                       Make healthcare
                                                                      affordable - open a
                                                                         Health Savings
                                                                           Account.

Use tax-free dollars on your medical expenses.
Keep physically healthy. Stay                                  *Other criteria apply. Always check with your insurance provider to be
                                                               certain that the high deductible health plan you are considering is
financially fit.                                               HSA-qualified.
                                                               **These amounts are for 2008. They are indexed annually for infla-
A Health Savings Account (HSA) is an account that you can      tion.
put money into to save for future medical expenses. There
are certain advantages to putting money into these accounts,   What are the tax benefits of an HSA?
including favorable tax treatment. You control this money,
deciding how to spend it on your health care needs. What       You can save on taxes in three ways:
you don’t spend is yours to keep -- forever.                     1. You can deduct your contributions on your tax
                                                                    return.
The OHCFCU Health Savings Account                                2. You earn tax-free interest.
You’re credit union HSA provides you with convenience            3. Your withdrawals are tax-free when used for quali-
and only a $1 monthly fee on your account.                          fied medical expenses.

With your HSA, you’ll receive:                                 How and how much can I contribute?
 • Checks.
 • Interest (tiered, based on your balance).                   You can contribute up to 100% of your HDHP ddeduct-
 • Access to your account 24/7 via CU@Home and                 ible, as long as it does not exceed $2,900* for self-only
    X-Press 24.                                                coverage or $5,800* for family coverage.
                                                               You can fund your HSA when you open it or wait until it’s
Who can have an HSA?
                                                               convenient for you. There is no minimum deposit.
You can open and contribute to an HSA if you:                  You have several convenient deposit options:
                                                                 • Set up a recurring autotransfer in any amount or
  • Are age 18 or older.
                                                                   frequency.
  • Are covered by an HSA-qualified high deductible health
                                                                 • Direct deposit a portion of your paycheck into your
    plan.
                                                                   account.
  • Do not currently receive Social Security benefits.
                                                                 • Make a deposit at an OHCFCU Branch or Shared
  • Cannot be claimed as a dependent on someone else’s
                                                                   Branch.
    tax return.
                                                                 • Make a transfer from another OHCFCU account
  • Are not covered by a non-HDHP health plan that
                                                                   through X-Press 24 or CU@Home.
    provides any benefit that is also covered by your HDHP.      • Accept employer contributions.
                                                               *These amounts are indexed annually for inflation.
What is a High Deductible Health Plan
(HDHP)?
                                                                Contact one of our Member Service
An HSA-qualified high deductible health plan* must have:
                                                                Reps. today
  • A minimum deductible** of $1,100 for self-only              to open
    coverage and $2,200 for family coverage.                    your HSA!
  • A maximum out-of-pocket limit** (including deductibles
    and co-pays) of $5,600 for self-only coverage and
                                                                                                   www.OHCFCU.com
    $11,200 for family coverage).
                                                                                              866-254-4791 • 614-737-6030               8/08

								
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