Health Savings FAQs

How do I qualify for an HSA?

In order to open an HSA, you must be covered by a High Deductible Health Plan (HDHP) — high deductible considered to be at least $1,200 annually for an individual and $2,400 or more annually for a family. You cannot be claimed as a dependant on anyone’s tax return and cannot be entitled to benefits under Medicare.

How much can I contribute to my HSA?

Once you open an HSA, you may contribute up to $3,250 per individual and $6,450 per family per year (for tax year 2013). “Catch-up” contributions are available for account holders age 55 or older. See full account disclosures for details.

Plan Coverage Single Family

Advantages of a Purdue Federal HSA:

• No minimum balance required, just a $25 deposit to open your account
• No monthly service fee
• Low, one-time setup fee of $20
• Free Visa^® debit card to access your funds conveniently
• Competitive dividend rate on checking ($1000 average daily balance to earn Annual Percentage Yield)
• Free online account access
• Free eStatements
• Federally insured funds