Health Savings Accounts

A Health Care Plan Combining Cost Savings with Flexibility.

A Shipbuilders Credit Union NO FEE Health Savings Account (HSA) gives you more flexibility and control over your health care costs.  That’s because it empowers you to make your own health care decisions.

Use pre-tax dollars to pay for future medical expenses.  You will be able to deduct your contributions to your HSA, and the account earnings will accumulate on a tax-deferred basis.  Best of all, distributions from your HSA are tax-free if they are used for qualified medical expenses.

To open a Shipbuilders NO FEE HSA, you must select a high-deductible health plan.  The deductible must be at least $1,250 for an individual plan and at least $2,500 for a family plan.

The major advantage of a high-deductible plan is lower premiums!  (Contributions and plan deductible limits change frequently, so consult your tax professional regarding your individual circumstances.)

Account balance is carried over.  Unlike contributions to a flexible spending account, the balance of your HSA at the end of the year is carried over to the next year.  So you’re not placed in a position of having to “use it or lose it” each year.

And yes, we said NO FEE!  Other features include: FREE Online Banking, FREE Check Writing, FREE HSA Debit Card, Competitive Interest Rates, Interest Paid on Entire Balance, NCUA insured and NO FEE to close the account.

Protection from catastrophic medical costs.  The high-deductible health plan provides you with protection from catastrophic medical costs, and the HSA provides you with a source of funds to pay some or all of the costs not covered by the health plan.

Control and flexibility.  An HSA enables you to take control of your health care decisions.  And, since you are the owner of your HSA, it doesn’t matter what your job status is or whether your employer makes contributions to your plan.  Your HSA will always follow you. Health Savings Account benefits include: 

  • Protection – You will have an opportunity to save money to pay high or unexpected medical bills.
  • Affordability – High health insurance policy deductibles mean lower premiums.
  • Savings – Your ability to deduct your contributions and the tax deferral of account earnings enable you to build your account.
  • Flexibility – You can contribute at any time during the year, and your HSA balance rolls over from year to year.
  • Portability – You own the account, so it goes where you go, regardless of any job changes.

For more detailed account information, contact us or visit us at the Manitowoc or Mishicot office.  We can explain your options, answer any questions you may have and help you open your Health Savings Account.