An HSA not only helps you get a handle on rising health care costs, but provides a tax-advantaged way to save.

HSA Qualification
You must have a high deductible health insurance plan to be able to take advantage of HSAs. High deductible health plans usually cost less than traditional health care insurance, so the money that you save on insurance can therefore be put into your Health Savings Account. 

How HSAs differ from other employer-sponsored health accounts
Money in an HSA rolls over from year to year (there is no “use it or lose it”). Your HSA is owned by you, not your employer, and you control the money in your HSA. You decide how to spend the money and what types of investments to make with the money in the account in order to make it grow. Many people compare an HSA to a “medical IRA”. 

Tax benefits and contribution limits
Contributions to HSAs by individuals are tax deductible, even if the taxpayer does not itemize. Contributions by an employer are not included in the individual’s taxable income. Individuals, their employers, or both can contribute tax-deductible funds each year up to the individual or family contribution limit. In addition, individuals over age 55 can make extra contributions to their accounts of up to $1,000 and still enjoy the same tax advantages. 

How to use an HSA to pay for health care costs
HSA funds can be used to cover the health insurance deductible and any co-payments for medical services, prescriptions, or products. In addition, HSA funds can be used to purchase over-the-counter drugs and long-term care insurance, and to pay health insurance premiums during any period of unemployment. The interest and investment earnings generated by the account are not taxable while in the HSA. Amounts distributed are not taxable as long as they are used to pay for qualified medical expenses. 

Health Savings Account* – Minimum Investment $100

Account Balance

Tier Dividend Rate

$0.00 – $9,999.99

0.05%

APY*

0.05%

$10,000.00 – unlimited

0.05%

APY*

0.05%

*APY=Annual Percentage Yield. Tiered Accounts: HSA Money Market accounts are true tiered accounts. The dividend rate is paid based on the appropriate dollars in that level.

Open an HSA today!

If you are not a Member yet, first join iTHINK Financial. Then download our HSA Application and return it in person, by mail, or by fax to 561.982.7798. Or call the Credit Union at 800.873.5100 or serviceplus@ithinkfi.org to open your HSA or get more information.

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HSA Resources

HSA Brochure

An HSA is more than just a savings account for medical expenses.

HSA Disclosure and Debit Card Application

If you’d like to receive a Debit Card to access your HSA, please download and complete this form.

Direct Deposit Form

To have your HSA funded from your paycheck, complete our Direct Deposit form and submit it to your employer.

Transfer Your HSA

Need help transferring your HSA from another financial institution? Contact us for assistance.