Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click the green "Apply For A Loan" button located in the upper right hand corner.

              

Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click the green "Apply For A Loan" button located in the upper right hand corner.

              

Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click the green "Apply For A Loan" button located in the upper right hand corner.

              

Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click the green "Apply For A Loan" button located in the upper right hand corner.

              

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Health Savings Accounts FAQ

Health Savings Account—Frequently Asked Questions

Q.  What is a high-deductible health plan (HDHP)?
A.  Essentially, the HSA-qualified high-deductible health plan* is health insurance that does not cover first-dollar medical expenses. The deductible must apply to all medical costs covered by the plan, and the HDHP must have:

  • A minimum deductible of $1,300** for individual coverage and $2,600** for family coverage
  • A maximum out-of-pocket limit (including deductibles and co-pays) of $6,450** for individuals and $12,900** for families

*Other criteria apply. Check with you insurance provider or tax advisor to ensure that the HDHP is HSA-qualified.
**Amounts for 2015. Adjusted annually for inflation.

Q.  What happens when I spend my HSA money on non-qualified expenses?
A.  HSA funds used for anything other than "qualified medical expenses" are taxable as income and subject to an additional 10% tax penalty. After you turn age 65, or if you become disabled, the 10% additional tax penalty no longer applies. Please consult a tax professional.

Q.  What medical expenses qualify?
A.  Qualified medical expenses include:

  • Most medical care and services
  • Prescriptions and over-the-counter drugs, such as aspirin
  • Dental and vision costs, even if they are not covered by your insurance plan
  • Healthcare coverage during periods of unemployment
  • Qualified long-term care insurance

Q.  Who can contribute, when, and how much?
A.  You or any other person, including an employer or a family member, can make HSA contributions on your behalf by the tax-filing deadline. Money can be deposited into the account each year that you are eligible, up to the amount specified by law. Maximum HSA annual contribution limits are as follows:

  2014 2015
Individual Coverage $3,300 $3,350
Family Coverage $6,550 $6,650

Individuals age 55 and older can make additional "catch-up" contributions,
with annual maximums as follows:

2013 and after: $1,000

Visit the U.S. Department of Treasury for more information on the Health Savings Account.

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