Health Savings Accounts
- Guard against big medical bills
- Benefit from tax advantages
- Earn competitive dividends
Focus on getting better without worrying about the bills
Major illnesses, severe injuries and chronic conditions can cause considerable stress in your family. So can the big medical bills that follow. One way to protect your finances is with a Purdue Federal Health Savings Account (HSA), which helps you set aside money to cover doctors' visits, hospital stays, medication and more.
Account Benefits
- Health Savings Accounts are designed for individuals and families with high-deductible medical insurance plans
- Contribute up to $4,150 per individual and $8,300 per family per year. (Age 55 and up: $5,150 for individuals and $9,300 for families.)
- Pre-tax contributions can help reduce your overall tax burden
- Qualified withdrawals are tax-free. Consult a qualified professional for details.
- No minimum balance or monthly service fees
- Free Visa® debit card for convenient access to funds
- Unused balance can be rolled over to the following year
To open a Health Savings Account with us, visit a branch or contact us today.
Purdue Federal Credit Union serves members worldwide and operates branches throughout Greater Lafayette, Crown Point and La Porte, Indiana.
FAQs
In order to open an HSA, you must be covered by a High Deductible Health Plan (HDHP) — high deductible considered to be at least $1,600 annually for an individual and $3,200 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.
Once you open an HSA, you may contribute up to $4,150 per individual and $8,300 per family per year. "Catch-up" contributions are available for account holders age 55 or older. See Rate sheet for details.
