Health Savings Accounts (HSA)

 

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A Health Savings Account (HSA) can be extremely valuable to employees who have health insurance with a high deductible. Employers are recognizing the value and peace of mind that offering an HSA will bring to their employees. KCT Credit Union is proud to offer one of the most comprehensive Health Savings Accounts in the industry.

An HSA account can be funded in several ways:

Once the account is open and funded, the funds can be accessed in several convenient ways:

Debit Cards can be used for point-of-sale purchases or ATM withdrawals. The debit cards should only be used for IRS-qualified purchases at merchants providing medical services and products. The member is accountable for making sure the funds are used for IRS-qualified purchases. KCT will provide educational collateral to assist members in understanding qualified expenses.

Online Transfers are an option for members to reimburse themselves for out-of-pocket expenses by making an online transfer from their HSA to a personal account.

Online Bill Pay is an efficient way to pay for qualified medical expenses. Simply provide the requested information and schedule the payment. Recurring payments can also be scheduled.

Withdrawal Forms are ideal for large medical expenses or for a member to reimburse themselves for expenses paid out-of-pocket.

Rate Information
The annual percentage yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For HSA Checking accounts, the dividend rate and annual percentage yield may change quarterly as determined by the Credit Union’s Board of Directors. The dividend rates and annual percentage yields are the rates and yields as of the last dividend declaration date that is set forth in the Rate Schedule.

The HSA Checking account is a tiered rate account.  If your daily balance is from $3,000.00 to $4,999.99, the first dividend rate and annual percentage yield listed in the Rate Schedule will apply. If your daily balance is from $5,000.00 to $9,999.99, the second dividend rate and annual percentage yield listed in the Rate Schedule will apply. If your daily balance is $10,000.00 or greater, the third dividend rate and annual percentage yield listed in the Rate Schedule will apply. Each rate will apply only to that portion of the account balance within each balance range.

Health Savings Account Frequently Asked Questions


*KCT's HSA Checking Account has a minimum opening deposit of $100 and no monthly service fees.

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Please consult a tax professional for tax advice.