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An HSA works in conjunction with high deductible health insurance.
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Health Savings Account funds can be used to help pay for qualified medical expenses. Withdrawals can be by debit card, checks, in person or reimbursement process. You fully own the HSA, unlike with flexible savings accounts HSA funds carry over from year to year.
Combined with a high deductible health plan (HDHP), an Interra HSA is an excellent tool to save and pay for qualified medical expenses.Â
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Combined with a high deductible health plan (HDHP), an Interra HSA may be the health care option of choice for you and your employees.
There are qualifications for an HSA:
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HSAs come in a variety of different account types. Ask an Interra representative which type is best for you:
An HSA, or Health Savings Account, is an easy way for you to save money for health care expenses if you are enrolled in a high-deductible health plan. Normally, the money you contribute to an HSA is deposited into your account before taxes, which means the funds deposited into an HSA are not subject to federal income tax.
An HSA works in conjunction with a High Deductible Health Plan. Health Savings Account funds can be used to help pay for qualified medical expenses. Withdrawals can be by debit card, checks, in person or reimbursement process.
You fully own the HSA, unlike with flexible savings accounts (FSA) HSA funds carry over from year to year. An HSA also follows you from employer to employer. HSAs are also tax free when used correctly.
Yes, rates on a Health Savings Account may change at Interra Credit Union’s discretion.
Yes, you can print a copy of a check via Interra Online Banking.
Yes, if applicable.
For current details regarding qualified medical expenses related to your HSA, please see Publication 502 on the IRS website.
Determine your eligibility for an HSA each year you make a contribution. (Actual eligibility is determined on the first day of each month.) Ensure that the contributions you make are within the limits set forth by the IRS and other tax laws. Make sure you understand the tax consequences of any contributions (including rollover contributions) and distributions. Keep appropriate records and receipts of your payments for qualified medical expenses.
If you have questions, consult your tax advisor about eligibility, contributions, and distributions.
Once the funds are in your HSA, the account can be used to pay for qualified medical expenses tax-free for as long as the account it open, regardless of HDHP coverage. However, you will no longer be able to contribute to the account if you no longer have or lose your HDHP coverage.
If the money is used for purposes other than qualified medical expenses, the expenses will be taxed and subject to penalty, unless you are disabled or over the age of 65.
You can continue to use your account tax-free for out-of-pocket health expenses. When you enroll in Medicare, you can use the accumulated funds in your account to pay for Medicare deductibles, co-pays, and coinsurance under any part of Medicare. If you retain health benefits through your former employer, you can use your account to pay for your share of retiree medical insurance premiums. The one expense you cannot use your account for is to purchase a Medicare supplemental insurance policy.
Once you turn age 65, you can also use your account to pay for things other than medical expenses. If used for other expenses, the amount withdrawn will be treated as income and subject to income tax, but will not be subject to any other penalties.
For married individuals, the spouse becomes the owner of the account, and can use it as if it were his/her own HSA. If not married, the account will no longer be treated as an HSA upon death. The account will pass to a designated beneficiary or become part of the estate. At that time, it will become subject to any applicable taxes.
2026
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1 Consult your tax professional regarding deductibility and tax requirements.
