Health Savings Account
Enjoy peace of mind knowing you're prepared
From a routine checkup to a major medical emergency, enjoy peace of mind knowing that you're prepared for high-cost or unplanned medical expenses with a Health Savings Account at Collins Community Credit Union.
A Health Savings Account (HSA) gives you the flexibility to use the funds in your account to pay for your current medical expenses. This HSA account is a tax-exempt trust or custodial account that is exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse and your dependents.
- Accounts are completely portable, which means you can keep your HSA account even if you change your job, medical coverage or marital status. You can also keep your HSA account if you become unemployed or move to another state.
- Transactions on this account will be limited, when possible, as directed by the Internal Revenue Service or as otherwise stated in the Common Features section.
- Funds remain in the account from year to year. There are no "use it or lose it" rules for HSA's.
- Contributions are deductible from federal income tax and all dividends and interest are tax exempt.
Security
Protects you against high or unexpected bills.
0.25% Annual Percentage Yield (APY)¹
Flexibility
You can use the funds in your account to pay for current medical expenses.
$1 Membership Share account is required to establish Collins Community Credit Union membership
²Online Banking - Bill Pay
Free Visa® Debit Card
Collins Community Credit Union offers Draft Savings availability including
- Accrues interest from $5.00 balance
- $100.00 minimum opening deposit required
- Free checks
- Unlimited check writing
- No monthly fee
Eligibility
Here are the eligibility requirements:
- You are covered under a high-deductible health plan (HDHP) on the first day of such month
- You are not also covered by any other health plan that is not an HDHP
- You are not enrolled in Medicare
- You cannot be claimed as a dependent on another individual's tax return
Contribution Limits
| Tax Year | Standard Limit (Self-Only) | Standard Limit (Family) | Catch-up Contribution Limit (Age 55 or Older) |
|---|---|---|---|
| 2024 | $4,150 | $8,300 | $1,000 |
| 2025 | $4,300 | $8,550 | $1,000 |
At Collins, we offer a variety of services to enhance your banking experience. Click here to view the full list of our services.
Important Legal Disclosures
Please consult a tax advisor for additional tax information.
Must meet membership eligibility requirements.
¹APY = Annual Percentage Yield. APY is accurate as of the last dividend declaration date. Requires $100 to open. $5.00 minimum balance required to earn APY. Fees could reduce earnings on account. Rates are subject to change. Must meet membership eligibility requirements. Federally Insured by NCUA.
²Data and other wireless carrier charges may apply.
