• Visit any of our locations to become a member of Educational Credit Union
• Complete our mini application, HSA application, and HSA contribution form.
• $50 minimum opening deposits for HSAs

How to use, and what does an HSA cover
As convenient as any VISA card, access your HSA funds with a free HSA VISA Debit Card.  You can use an HSA to pay for deductibles, co-pays, coinsurance, and many supplies and services not covered by your health plan.  Simply swipe your HSA card for any of the following:

• Certain over-the-counter medications
• Eyeglasses and LASIK surgery
• Dental and orthodonture care
• Acupunture and Chiropractic services
• Hearing aids
• For a complete list, click here

HSA Contributions
You can make contributions* to your HSA each year that you are eligible.  Contributions to your HSA can be made by you, your employer, or both.  You may contribute by:

• In-person deposits
• Automatic (ACH) draft**
• Payroll deduction

* Total contributions are limited annually.
** All ACH contributions will be current year contributions.

Advantages of an HSA

1. Portability.  The money belongs to you, so if you change plans, you can take your HSA with you.
2. Usused funds roll over.  There is no "use it or lose it" restriction with this account.  What you don't use stays with you until you are ready for it.
3. Control.  You decide when to put your money in and when to take it out.
4. Retirement savings.  The money in your account can be invested through ECU.  And after age 65, you can use the funds, taxed at their original income rate, for any reason without penalties.
5. Flexibility.  The advantage of an HSA is that your pre-taxed funds can be used to cover expenses your deductible plan does not cover, as long as they are qualified medical expenses.

HSA eligibility
To be eligible for an HSA, you need to meet the following requirements:

• Have coverage under an HSA-qualified "high deductible health plan" (HDHP)
• You cannot be enrolled in Medicare
• You cannot be eligible to be claimed as a dependent on someone else's tax return
• You cannot have received benefits from the Department of Veterans Affairs in the past three (3) months

Click this link for a complete discription of HSA eligibility.

High deductible health plans (HDHP)
Any company that sells health insurance coverage should offer HDHP policies.  Generally, this is health insurance that does not cover first dollar medical expenses.  Federal law requires that the health insurance deductible to be at least the national standard that adjusts annually for inflation.

In addition, annual out-of-pocket expenses under the plan (including deductibles, co-pays, and coinsurance)  cannot exceed the national standard that adjusts annually for inflation.  If you are unsure if you qualify please contact your health insurance provider.

Needing more information?
View additional information on HSAs from the U.S. Treasury's web site.  Information includes answers to frequently asked questions, IRS forms and publications, and links to other helpful web sites.