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.
The maximum annual HSA contribution is the deductible under your high-deductible health plan; however, the contribution for 2020 cannot exceed:
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 deducible 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.
Your Warranty of Safety
Westby Co-op Credit Union is federally insured by the National Credit Union Administration (NCUA).