Contributions to your HSA are deductible and the account earnings will accumulate on a tax-deferred basis. Your employer’s contributions to your HSA are tax-free.  Best of all, distributions from your HSA are tax-free, if they are used for qualified medical expenses.

You must enroll in a high-deductible health plan before you can make HSA contributions.  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.

2024 HDHP Limits:

• Single Plan: Minimum Deductible $1,600 Max Out of Pocket $8,050
• Family Plan: Minimum Deductible $3,200 Max Out of Pocket $16,100

The maximum annual HSA contribution is the deductible under your high-deductible health plan; however, the contribution for 2024 cannot exceed:

• $4,150 (monthly limit $345.83) for a Single Plan
• $8,300 (monthly limit $691.67) for a Family Plan
• Over 55 Catch-up Contributions Limit: $1,000 (monthly limit $83.33)
  

WCCU’s Health Savings Accounts:

• Use our free debit card to access your account
• Checks available for $9.50 per 50 checks
• Fee to establish your HSA: $20
• Monthly service charge if $500 daily minimum balance is not maintained:  $2
• Fee to close account: $20
• Subject to $20 overdraft fee per presentment.
• Overdraft Protection is not available with an HSA.
• Balances of $50+ will earn a competitive dividend rate.
• Monthly statements

Your Warranty of Safety
Westby Co-op Credit Union is federally insured by the National Credit Union Administration (NCUA).