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HSA FAQs

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 If used for other expenses, the amount withdrawn will be treated as income and subject to income tax, but will not be subject to any other penalties.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.

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Health Savings Account (HSA)

Business HSA

Interra works with many area businesses and organizations who offer high deductible health plans (HDHPs), to set up and maintain HSAs for their employees. You and your employees will benefit from Interra’s personal service and convenient office locations. 

  • Deduct qualified contributions from your taxes1
  • HSAs earn dividends, with tax free earnings
  • Use your HSA to pay for qualified medical expenses
  • Unlike a flexible spending account (FSA), HSA balances may be carried over for as long as you have the account
  • An HSA is transferable, regardless of place of employment
  • No set-up fee or monthly service charges

Combined with the lower premiums of your high deductible health plan (HDHP), an Interra HSA is an excellent tool for you and your employees to save for qualified medical expenses. Contact Interra’s business team today to get started!

Contact Interra Learn More

Additional HSA Information

There are qualifications for an HSA:

  • You must be covered under an HDHP
  • You cannot be covered by certain other plans that pay medical expenses
  • You cannot be enrolled in Medicare
  • You cannot be claimed as a dependent on another person’s tax return
  • Some other restrictions may apply given your situation

HSAs come in a variety of different account types. Ask an Interra representative which type is best for you:

  • Checking – Easily make qualified purchases from the account with a debit card.
  • Savings – Allowing for a simple health savings option.
  • Certificates – Save for long term or expected future medical expenses.

Additional Resources

Annual Contribution Limits

Individual Coverage
Year Max. Monthly Contributions Annual Contributions
2014 $275.00 $3,300
2015 $279.17 $3,350

Family Coverage
Year Max. Monthly Contributions Annual Contributions
2014 $545.83 $6,550
2015 $554.17 $6,650

Over 55 Catch-up Contributions
Year Max. Monthly Contributions Annual Contributions
2014 $83.33 $1,000
2015 $83.33 $1,000
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1 Consult your tax professional regarding deductibility and tax requirements.

Equal Housing Lender ASI

Your savings insured to $250,000 per account.  By members' choice this institution is not federally insured.