High-deductible health plan participants save money on taxes, whether itemizing or taking the standard deduction, after opening an HSA (Health Savings Account) with GO Federal Credit Union
A Health Savings Account (HSA) is available to those taxpayers enrolled in a high-deductible health plan and allows an individual or family to take an “above-the-line” deduction on their tax returns for the amounts contributed to the account. “Above-the-line” means that the amount contributed to the savings account reduces a participant’s taxable income. It is not necessary to itemize your deductions to claim this tax deduction on the federal income tax return.
Other benefits of an HSA with GO Federal Credit Union include:
● Participant flexibility in shopping around for healthcare services
● Account owners make more informed decisions regarding their own healthcare
● Earn annual dividends at competitive rates (must maintain an average daily balance of $100)
● Unused funds are rolled over each year, allowing the account owner to save for future medical expenses
● Only takes $25 to open the account
● No service fee charged and no minimum balance required
● Easy access to the account with a debit card, check, ATM, ACH, or teller transactions
● No fee for point of sale (POS) transactions
● Free first check order
● No transaction limitations (the account owner is to comply with IRS tax regulations)
● Timely annual reports of the account balance, withdrawals, and deposits
● Mandatory GO Federal Credit Union membership ($25 minimum deposit in Share Savings Account)
● The account is mobile, which means it moves with the account holder, regardless of any job changes
It may be possible to save for retirement once the account owner turns 65 years old. Generally, HSA funds may be utilized for any purpose, penalty-free, after the assessment of income tax, once the owner attains age 65.
To be further eligible, a participant may not:
● Be covered by any non-HSA-compatible plan for your health, including plans like Medicare
● Be covered by Tricare
● Have accessed any VA medical benefits in the previous 90 days
● Be claimed as a dependent on another’s tax return.
Federally insured by NCUA and Equal Housing Lender
A Health Savings Account (HSA) is available to those taxpayers enrolled in a high-deductible health plan and allows an individual or family to take an “above-the-line” deduction on their tax returns for the amounts contributed to the account. “Above-the-line” means that the amount contributed to the savings account reduces a participant’s taxable income. It is not necessary to itemize your deductions to claim this tax deduction on the federal income tax return.
Other benefits of an HSA with GO Federal Credit Union include:
● Participant flexibility in shopping around for healthcare services
● Account owners make more informed decisions regarding their own healthcare
● Earn annual dividends at competitive rates (must maintain an average daily balance of $100)
● Unused funds are rolled over each year, allowing the account owner to save for future medical expenses
● Only takes $25 to open the account
● No service fee charged and no minimum balance required
● Easy access to the account with a debit card, check, ATM, ACH, or teller transactions
● No fee for point of sale (POS) transactions
● Free first check order
● No transaction limitations (the account owner is to comply with IRS tax regulations)
● Timely annual reports of the account balance, withdrawals, and deposits
● Mandatory GO Federal Credit Union membership ($25 minimum deposit in Share Savings Account)
● The account is mobile, which means it moves with the account holder, regardless of any job changes
It may be possible to save for retirement once the account owner turns 65 years old. Generally, HSA funds may be utilized for any purpose, penalty-free, after the assessment of income tax, once the owner attains age 65.
To be further eligible, a participant may not:
● Be covered by any non-HSA-compatible plan for your health, including plans like Medicare
● Be covered by Tricare
● Have accessed any VA medical benefits in the previous 90 days
● Be claimed as a dependent on another’s tax return.
Federally insured by NCUA and Equal Housing Lender
