Health Savings Account

Protection + Affordability + Flexibility

You can contribute at any time during the year, and your HSA balance rolls over from year to year. You own the account, so it goes where you go regardless of any job changes.

Contributions to your HSA are deductible and the account earnings will accumulate on a tax-deferred basis. Your employer’s contributions to your HSA are tax-free.  Best of all, distributions from your HSA are tax-free, if they are used for qualified medical expenses.

You must enroll in a high-deductible health plan before you can make HSA contributions.  The high-deductible health plan provides you with protection from catastrophic medical costs, and the HSA provides you with a source of funds to pay some or all of the costs not covered by the health plan.

2023 HDHP Limits:

  • Single Plan: Minimum Deductible $1,500 Max Out of Pocket $7,500
  • Family Plan: Minimum Deductible $3,000 Max Out of Pocket $15,000

The maximum annual HSA contribution is the deductible under your high-deductible health plan; however, the contribution for 2022 cannot exceed:

  • $3,850 (monthly limit $320.83) for a Single Plan
  • $7,750 (monthly limit $645.83) for a Family Plan
  • Over 55 Catch-up Contributions Limit: $1,000 (monthly limit $83.33)

WCCU’s Health Savings Accounts:

  • Use our free debit card to access your account
  • Checks available for $9.50 per 50 checks
  • Fee to establish your HSA: $20
  • Monthly service charge if $500 daily minimum balance is not maintained:  $2
  • Fee to close account: $20
  • Subject to $20 overdraft fee per presentment.
  • Overdraft Protection is not available with an HSA.
  • Balances of $50+ will earn a competitive dividend rate.
  • Monthly statements

Your Warranty of Safety
Westby Co-op Credit Union is federally insured by the National Credit Union Administration (NCUA).