HSA

What is a Health Savings Account (HSA)?

Health Savings Account (HSA) enables you to save for and conveniently pay for qualified healthcare expenses, while you earn tax-free interest and pay no monthly service fees.

Opening a Health Savings Account provides both immediate and long term benefits. The money in your HSA is always yours, even if you change jobs, switch your health plan, become unemployed or retire. Your unused HSA balance rolls over from year to year. And best of all, HSAs have tax-free deposits, tax-free earnings and tax-free withdrawals. And after age 65, you can withdraw funds from your HSA penalty-free for any purpose.*

EECU HSA Benefits

  • Save money tax-free for healthcare expenses – contributions are not subject to federal income taxes and can be made by you, your employer or a third party*
  • No monthly service fee – so you can save more and earn more
  • Earn competitive dividends on your entire balance – compounded daily and paid monthly from deposit to withdrawal.
  • Conveniently pay for qualified healthcare expenses – with a free, no annual fee EECU HSA Debit Mastercard® or via EECU’s free online bill pay. (HSA checks are also available upon request, for a nominal fee**)
  • Free online, mobile and branch access – allows you to actively manage your account however you prefer
  • Comprehensive service and support – to assist you in optimizing your healthcare saving and spending
  • Federally insured – to at least $250,000 by NCUA

*Contributions, investment earnings, and distributions are tax free for federal tax purposes if used to pay for qualified medical expenses, and may or may not be subject to state taxation. A list of Eligible Medical Expenses can be found in IRS Publication 502,http://www.irs.gov/pub/irs-pdf/p502.pdf. As described in IRS publication969, http://www.irs.gov/pub/irs-pdf/p969.pdf, over-the-counter medications (when prescribed by a doctor) are considered Eligible Medical Expenses for HSA purposes. For more information consult a tax adviser or your state department of revenue.

**Call 817-882-0800 or stop by a branch to order HSA Checks: book of 100 costs $26.95.

Annual Maximum Contribution Levels
  • 2022
  • Individual Coverage
  • Family Coverage
  • 2022
  • $3,650
  • $7,300
  • 2023
  • $3,850
  • $7,750

Catch up allowed for those 55 and over – $1,000

Limited Purpose Flexible Spending Account

A Limited Purpose Flexible Spending Account (FSA) is designed to allow Health Savings Account (HSA) participants an opportunity to set aside pre-tax funds to pay for eligible out-of-pocket vision and dental services. By establishing a Limited Purpose FSA, you can save money on taxes by using the account for your dental and vision expenses while preserving your HSA funds for other purposes, including simply saving those funds for the future.

Who Can Participate

To participate in a Limited Purpose FSA, you must be enrolled in a qualified High Deductible Health Plan (HDHP) as well as an HSA.

Eligible Expenses

Eligible expenses include vision expenses, such as eye exams, eyeglasses, contact lenses, contact lens solutions and enzymes, and dental expenses, such as dental care and orthodontia expenses, as long as service has been incurred or and eligible item purchased during the period of coverage. These expenses can be incurred for you, your spouse, and eligible dependent(s). When determining your contributions, please remember that your Limited Purpose FSA can only be used for dental and vision expenses.