Health Savings Accounts

Health Savings Accounts are accounts that you may deposit funds to save for future medical expenses. There are many advantages to depositing funds into these accounts.

 

Qualifications For An HSA Account

Any adult may contribute to an HSA if they:

– Are covered by a High Deductible Health Plan (HDHP) – (2016 – Individual – $1,350.00 or Family – $2,700.00)
– Are not covered by any other health plans
– Are not enrolled in Medicare
– Have not received Veterans Administration medical benefits in the previous three months
– Are not claimed as a dependent on another individual’s federal income tax return

Contribution Limits

Contribution limits for HSA’s for tax year 2017 are as follows:

If you are part of a single coverage High Deductible Health Plan you may contribute up to $3,400.00.
If you are part of a family coverage High Deductible Health Plan you may contribute up to $6,750.00.
If you are over age 55 you may make “catch-up” contributions of an additional $1,000.00.
These amounts include any funds your employer may give you.

Contribution limits for HSA’s for tax year 2018 are as follows:

If you are part of a single coverage High Deductible Health Plan you may contribute up to $3,450.00.
If you are part of a family coverage High Deductible Health Plan you may contribute up to $6,900.00.
If you are over age 55 you may make “catch-up” contributions of an additional $1,000.00.
These amounts include any funds your employer may give you.

Why Choose MECE Credit Union

You are not just a member of MECE Credit Union, you are an owner. Would you rather invest in something you own or invest in something you rent from someone else?

HSA’s have been structured for ease of use.  They offer convenient features such as Direct Deposit/Payroll Deduction options, competitive rates, no fees, and easy access to your account.  Some means of access are HSA checks, HSA Debit Cards, On-Line Account Access, and more.

 

Requirements of An HSA With MECE Credit Union

1. You must be a member/owner of MECE Credit Union.

2. You must complete and submit an HSA Application to MECE Credit Union.

3. You must keep all medical expense receipts for verification of what will be reported to the IRA in the case of an audit.

HSA Tax Reporting Forms

You will be provided with two forms for your tax reporting purposes. You will receive the 1098SA form near the end of January or first week of February. This form will show the total amount of withdrawals that you took from your HSA the previous year. You should have medical receipts saved that match this amount or more.

The 5498SA form you will receive near the end of April or first week of May. This form shows the total contributions that were deposited into your HSA for the previous year. This form is sent after April 15th due to the IRS allowing you to make prior year contributions to your HSA up until April 15th.

Links To Other Helpful HSA Information

The IRS website (www.irs.gov) offers two publications that will help you with questions you may have regarding Health Savings Accounts. IRS Publication 502 offers information regarding qualified and non-qualified expenses that you may use your Health Savings Account for. IRS Publication 969 contains information regarding the rules governing Health Savings Accounts such as how much can be contributed.

Click Here For A Health Savings Application