OMEGA FCU offers Health Savings Account (HSAs) to our members with no monthly service fee. HSAs are tax advantaged medical savings account available to taxpayers in the US who are enrolled in a High Deductible Health Insurance Plan. The HSA accounts are accessible via checks and an HSA debit card free of charge.
The HSA owner owns and controls the funds in their account. They decide how to spend the money on medical expenses without an insurance company’s control. Deposits to an HSA may be made by the individual owner or by their employer. Contributions from an employer or employee can be made on a pre-tax basis through the employer. If this option is not available, contributions may be made on a post-tax basis by the owner and then used to decrease gross taxable income on the following year’s tax return. See IRS Publication 969 for more information about taxes and HSAs. All funds deposited but not used each year will carry over into the next year. If the HSA account holder ends their High Deductible Health Plan, he or she loses eligibility to deposit funds into the account, but funds already in the account remain available for medical expenses.
Withdrawal of funds from the HSA account can be done via an OMEGA FCU HSA debit card or through an HSA checking account. Checks/Debit Card can be used to pay for qualified medical expenses such as deductibles, co-payments, as well as other expenses not covered under medical plans (i.e. dental, vision, and chiropractic care) and durable medical equipment such as eyeglasses and hearing aids.
To open an HSA Account or for more information, call 412-369-3800.