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 If used for other expenses, the amount withdrawn will be treated as income and subject to income tax, but will not be subject to any other penalties.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