Health Savings Accounts (HSAs): Is an HSA Right for You?

Health Savings Accounts (HSAs) are similar to personal savings accounts, but the money in them is used to pay for health care expenses. You own and control the money in your Health Savings Account.

To open an HSA, you must meet the following qualifications:

•    You must be under age 65 

•    You must carry a high-deductible health insurance plan; this high deductible health plan must be your only health insurance  - you can’t be covered by any other health insurance.

High-deductible plans don’t start paying until you’ve spent at least $1,250 (for an individual) and $2,500 (for a family) of your own money on health care expenses. While the deductible is high with this type of plan, the premium is typically lower for high-deductible plans than for traditional plans.

Some potential advantages of an HSA are:

•    You decide how much money to set aside for health care costs.

•    You control how your HSA money is spent.

•    Your employer may contribute to your HSA, but you own the account and the money is yours even if you change jobs.

•    Any unused money at the end of the year rolls over (stays in your account) to the next year

•    You don’t pay taxes on money going into your HSA

If you think a Health Savings Plan is right for you, please visit one of our Member Service Representatives who will assist you through the process.

Stay on Top of Your Account Activity

Are you suffering from security breach burnout in the wake of the recent hacker attacks at Shaw’s and Home Depot?  You may have even been one of the unfortunate ones to have had your card compromised at some point.

Unfortunately, once you have swiped your card at a store, you no longer have control over the safety of your card information. However, you can help prevent fraud by keeping the following in mind:\

1. Never share your PIN number with anyone.
2. Never write your PIN on your card.
3. Never keep your PIN with your card.
4. Monitor your accounts regularly for any unauthorized activity through our online home banking or mobile banking. This will allow you to verify that what is being debited from your account was actually authorized by you.
5. Keep track of ALL transactions. Use a checkbook register even if you do not use checks.
6. Contact the Credit Union immediately if you suspect unauthorized activity on your account. This will allow the Credit Union to immediately block your card and investigate the activity.
7. NEVER RESPOND to strange phone calls, text messages or emails asking for personal and/or card information. 

There is no way to prevent all fraud, but by following the above steps, you can be proactive and help us prevent fraud.