Health Savings Accounts
A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the U.S. who are enrolled in ahigh-deductible health plan (HDHP). Calculate whether a comprehensive plan or high-deductible plan with HSA is the best choice for you. Then, contact us for more details.
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 $1,350 annually for an individual and $2,700 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 $3,500 per individual and $7,000 per family per year (for tax year 2019). "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
- No monthly service fee
- Low, one-time setup fee of $20, plus $5 membership share
- Free Visa® debit card to access your funds conveniently
- Competitive dividend rate on checking ($1,000 average daily balance to earn Annual Percentage Yield if account qualifies for Gold or Diamond My Member Perk Status)1
- Free online account access
- Free paperless statements
- Federally insured funds
1My Member Perks is based on My Member Perks status, which is figured monthly based on account age, loan and share balances, service usage and transactions of aggregated accounts. Accounts aggregated according to primary account holder's Social Security Number or tax ID. Duplicate services not counted in aggregation. Oldest account determines account age during aggregation. Accounts will be placed into appropriate My Member Perks status by the fifth business day of the month based on prior month's My Member Perks score. Perks not combinable with offers outside the My Member Perks program unless specifically noted. Accounts must be in good standing to receive perks. Business accounts do not qualify for My Member Perks. My Member Perks is subject to change without notice. Membership eligibility required. Refer to purduefed.com/perks for complete terms and conditions.