Health Savings Accounts (HSAs)
Health Savings Accounts Made Easy
BMI Federal Credit Union offers Health Savings Account (HSA) Checking Accounts to help your employees save money while balancing their healthcare payments.
Benefits of a BMI Federal Credit Union HSA Checking Account
- Use their HSA Visa® Debit Card for easy account access
- Four tiers available based on their minimum balance
- Funds available for all qualified medical expenses*
- Earn dividends
- Deposits can be made pre-tax
- No age or income limits
Your Employees Will Also Enjoy...
Health Savings Accounts (HSAs)
|HSA Checking: Tier 1
|HSA Checking: Tier 2
|HSA Checking: Tier 3
|HSA Checking: Tier 4
Health Savings Account (HSA) rates effective 12:00 am on Thursday, December 31, 2020
1 APY = Annual Percentage Yield. Rates are subject to change without notice. The Health Savings Accounts (HSAs) are tiered rate accounts. If your daily balance is from $0 to $2,499.99, the first dividend rate and annual percentage yield listed for this account in the Rate Schedule will apply. If your daily balance is $2,500.00 to $9,999.99, the second dividend rate and annual percentage yield listed for this account will apply. If your daily balance is $10,000.00 to $24,999.99, the third dividend rate and annual percentage yield listed for this account will apply. If your daily balance is $25,000.00 or greater, the fourth dividend rate and annual percentage yield listed for this account will apply. Once a particular range is met, the dividend rate and annual percentage yield for that balance range will apply to the full balance of your account.
Qualifying for an HSA Checking Account
To be an eligible individual and qualify for an HSA, your employees must meet certain requirements including but not limited to the following:
- They are covered under a high deductible health plan (HDHP)
- They have no other health coverage including but not limited to Medicare, except what is permitted by the Internal Revenue Service**
- They cannot be claimed as a dependent on someone else’s 2018 tax return
For the full publication of guidelines and benefits for HSAs, visit www.irs.gov.
Call us at 614.707.4000, or stop by any of our five branches in Dublin, Columbus, or Westerville.
BMI FCU is not responsible and does not assume any responsibility for determining the eligibility to make contributions to an HSA, nor is the Credit Union responsible for determining the yearly HSA contribution limits. The information provided does not, and is not intended to, constitute legal or tax advice. Rather, all information, content, and materials is intended for general informational purposes only. Please work with your tax adviser or legal professional to obtain advice regarding your situation.
* Visit the IRS publication of guidelines to review qualified medical expenses.
^ Visa Card Alerts are provided at no cost, however the MyCardRules app may incur charges for internet, cellular, and other data services. You may incur charges from your wireless carrier when sending and receiving information in connection with your use of MyCardRules. MyCardRules is a mobile application developed and maintained by Jack Henry and Associates for financial institutions that use JHA Card Processing Solutions ™ card processing.
**If you are receiving Social Security retirement benefits you are likely automatically enrolled in Medicare.