Health Savings Accounts

A Health Savings Account (HSA) is a tax-exempt account established in conjunction with a High Deductible Health Plan (HDHP) exclusively for the purpose of paying qualified medical expenses of the account owner and dependents.  By establishing a Health Savings Account, you are putting control of your healthcare spending back into your own hands.  For additional questions concerning Health Savings Accounts click here.

Above market dividend rate:

To open your HSA, follow these steps:

1. If you are not already a member of Ashland CU, you must apply for membership.

2. Review and familiarize yourself with pages 2-5 of the HSA Custodial Account Agreement and Disclosure Statement

3. Complete the HSA Application

4. Complete the HSA Eligibility and Information Form, and

5. Complete Sections II and III of the Ashland CU Disclosure Statement

Important information concerning a HSA:

• You must be covered by a HDHP and you cannot be covered by any other medical  plan that is not a HDHP.

• Balances in a HSA account carry forward from year to year.

• Contributions to the HSA account are deductible for federal tax purposes, subject to the limits under the tax code.

• Annual contributions are capped by the Federal Government

• Participants age 55 and over may be able to contribute an annual "catch up" contribution.

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HSA Options

   Account Information

• Initial set-up fee is $15 which is waived with an Ashland CU checking account.

• Account history available through:
     - Monthly statements
     - Internet Teller (upper left corner of this website)

• No withdrawal fees.

• No monthly account maintenance fees.

• No account transfer fees.

   Contributions

• $50 minimum initial contribution

• Periodic contributions through:
     - Payroll deduction/direct deposit
     - ACH from another account of applicant
     - Personal checks
     - Transfer from Ashland CU savings, checking, or money market account

   Distributions

• Check withdrawal ($25 minimum)

• Debit card via HSA funds transfer to an Ashland CU checking account

• Free HSA convenience checks (8 annually)
  - Additional convenience checks available for $1.00 (4 checks per page)
  - Ashland CU checking account overdraft fees apply

• Monthly account transfer and withdrawal limitations apply

   For frequently asked questions concerning Health Savings Accounts click here.

   To hear more about what our HSA program can do for you, call us at 1-800-245-8112.  For additional information on
   Health Savings Accounts, please consult your tax professional, log-on to the IRS’s website at www.irs.gov, or the US
   Department of the Treasury's website at www.ustreas.gov.

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