Health Savings Account—HSA
As health insurance premiums continue to escalate, consumers are looking for ways to obtain the coverage they need at a price they can afford. San Mateo Credit Union is pleased to offer a cost-efficient option to help you make your own healthcare decisions: the Health Savings Account (HSA).
The Health Savings Account (HSA) is a tax-advantaged account that features tax-free withdrawals for qualified medical expenses.1
Benefits
High-yield account
- HSA Visa® Direct Check Card
- Direct deposit or automatic transfers to be placed into your HSA
- Access via ATM, SMCU OnLine, DirectAssist, Call-24, and in-branch
- Monthly statement
- Federally insured to at least $100,000 by the
National Credit Union Administration, a U.S. government agency
Eligibility
You may contribute to an HSA if you:
- Are covered under a high-deductible health plan (HDHP)
- Are not covered by any other health insurance plan
- Are not enrolled in Medicare
- Are not a dependent on another individual's tax return
Contributions
HSA contributions for the current year can be made until the tax-filing deadline. Click here for the contributions limits.
To open, roll over, or transfer your Health Savings Account, call DirectAssist at (650) 363-1725 or (888) 363-1725 or visit a branch nearest you.
Click here to view Frequently Asked Questions.
1 Any money from the account that is used for non-qualifying expenses is taxable as income and subject to an additional 10% tax penalty. Consult a tax professional for your individual situation.
Note: Health Savings Account owners are responsible for determining their eligibility, contribution limits, and if distributions are made for qualified medical expenses. Please consult a tax professional.
