Health Savings Accounts (HSAs)
An apple a day keeps the doctor away, but in case you have a fruit allergy, we offer HSAs. A health savings account lets you set aside pre-tax dollars to use for qualified medical expenses. Funds are easy to access and your money is yours to roll over, year to year. So, whether you need to use it twenty days or twenty years from now, the HSA is yours to keep.
- High deductible health plan (HDHP) required
- Save for future medical costs
- Earn dividends
- Use for approved medical expenses
- Easy access to funds*
- Free debit card
- Paper checks available
- Tax free earnings
- Waive the $10 monthly service fee when you maintain a minimum $100 balance
- No "use it or lose it" rule
- Transferable to next job
- No minimum deposit to open
*Withdrawals from HSAs for non-qualified medical expenses will result in penalties and taxes.
Get big protection in a tiny chip. Introducing chip technology for Alive Credit Union. Alive Credit Union HSA debit cards now feature an embedded chip that improves security when you make purchases at a chip-activated terminal. Your new card is not only more secure — it's also easy to use. Funds are easy to access and your money is always there.
Receive enhanced security.
When you use your new card at a chip-activated terminal, the embedded chip generates a one-time use code. This code is virtually impossible to counterfeit and helps reduce in-store fraud.
Enjoy global acceptance.
More merchants are accepting chip transactions every day. Whether you check out using chip technology or swipe your card, you can pay with confidence wherever Visa® Debit Cards are accepted. Plus, continue to use your card online and by phone.
Chip activated terminals are coming to certain U.S. retailers this year — and more locations in the years to come. If a merchant cannot accept chip transactions, simply swipe your card to pay.
Using Your Card
If a chip activated terminal is available, follow these easy steps.
- Insert the chip end of your card into the terminal with the chip facing up.
- Keep your card in the terminal throughout the transaction and follow the prompts on screen.
- Remove your card when prompted, and take your receipt.
You are also protected against unauthorized use with Visa's Zero Liability Policy.*
*Visa's Zero Liability Policy covers U.S. — issued cards and does not apply to certain commercial card transactions or any transactions not processed by Visa. You must notify your financial institution immediately of any unauthorized use. For specific restrictions, limitations and other details, please consult your issuer.
HSAs allow you to contribute up to 100% of the deductible on your HDHP, which eliminates any post-tax expense. They also allow both the employer and the employee to both contribute to the same account in the same calendar year.
General HSA FAQs
Am I eligible to get an HSA?
In order to be eligible to open an HSA:
- You must be covered under a qualified, high deductible health plan
- You cannot have coverage by another type of health plan
- You cannot be claimed as a dependent on another person's tax return
- You cannot be enrolled in Medicare
How much can I contribute to my HSA?
Contributions are allowed up to 100% of the annual deductible. The maximum annual contribution is not to exceed $3,350 for self-only policies and $6,650 for family policies. Individuals ages 55-65 may make additional "catch-up" contributions of up to $1,000 annually. A married couple can make two catch-up contributions as long as both spouses are at least 55 and are contributing to two separate HSAs. Catch-up contributions will help individuals accumulate assets for retiree health expenses.
What can I use my HSA to pay?
HSA distributions can be used tax free if they are used to pay for qualified medical expenses, such as:
- Amounts paid for diagnosis, cure, mitigation, treatment, or prevention of disease
- Prescription drugs
- Qualified long-term care services and long-term care insurance
- Continuation coverage required by Federal Law (i.e., COBRA)
- Health insurance for the unemployed
- Medicare expenses (but not Medigap)
- Retiree health expenses for individuals age 65 and older
HSA Debit Card FAQs
Will my card number change?
Yes, as part of the conversion, ALL card numbers will change.
Will I get a new PIN?
Yes, you will receive a new PIN number separately from the card. If you wish to change your PIN number, you can call 1-877-746-6746.
Will my old card still work?
Your old card will still work for a period of 10 days after you receive your new EMV chip card. After 10 days your old card will no longer be valid and you will need to use your new card exclusively.