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Health Savings Accounts (HSA)

Plan for unexpected medical costs and receive the advantages of a tax-sheltered savings account!

What is a Health Savings Account?

An account designed to be used in conjunction with a high-deductible health plan (HDHP). HSA contributions are used to pay current and future medical expenses. Money in the account is 100% tax-deductible when it is used to pay for qualifying medical expenses. Money in the account never expires – it can be rolled over year to year with no penalty. Funds will accrue tax-free interest. Contributions can be made by you, your employer, or both.*

HSA Savings Account advantages:

  • 100% Free!
    • No set up fee
    • No maintenance or monthly fees
    • No annual fees
    • No transaction fees
  • Deposits Insured up to $500,000 Learn More about Deposit Insurance
  • Easy set up and access to your deposits
  • Short and long-term investment options
    • HSA Checking
    • Share Certificate options

Current Year Contributions (2021):

Single Coverage: You may contribute up to $3,6000 (individuals 55 and older can contribute “catch-up” contributions up to $1,000).

Family Coverage: You may contribute up to $7,200.


  • Must be covered under a High-Deductible Health Plan (HDHP).
  • Cannot be enrolled in Medicare.
  • Must be covered under a HDHP on the first day of the month in which the first contribution is made.
  • Dependent children cannot have their own HSAs.
  • Individuals electing to participate in an HSA must be insured by a HDHP that has a $1,400 minimum deductible with annual out-of-pocket expenses not exceeding $7,000.
  • Families electing to participate in an HSA must be insured by a family health plan with a minimum deductible of $2,800 and annual out-of-pocket expenses not exceeding $14,000.
  • You should consult your tax adviser or insurance provider with additional questions or to determine your plan's eligibility.

Getting Started:

Not sure if an HSA is right for you? We’ll be glad to help you with all the details. For more information, or to open your tax-deductible HSA, call us today: 800-676-2541.

*Contributions from an employer are not taxable to the employee

Your money is SAFE with IAACU!

NCUA: Member accounts are insured up to $250,000 by the National Credit Union Share Insurance Fund, an arm of the National Credit Union Administration. NCUA is an independent agency of the United States Government. Individual Retirement Accounts are insured separately up to $250,000. NCUA Share Insurance Estimator.

ESI: An additional $250,000 is insured by the Excess Share Insurance (ESI), a private insurance company.

This is not an application for mortgage.  Mortgage prequalification helps to determine if you meet the minimum requirements for a loan and how much home you can afford.  If the qualifications are met for the purchase price and loan terms you have listed you will be presented a pre-approval letter.  If you’re confident in your finances and are ready to apply now, you should complete a full application instead.

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