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United Credit Union Health Savings Account

Health Savings Accounts

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Health Savings Accounts

Medical Expense Aid

A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses.

Who is eligible?

An individual is eligible if they satisfy all four of the following conditions on the first day of a month:

  1. The individual is covered under a qualifying High Deductible Health Plan (HDHP).
  2. The individual is not also covered by another health plan that is not an HDHP.
  3. The individual cannot be a dependent on another tax return.
  4. The individual cannot be entitled to Medicare benefits.

Requirement of Qualified HDHP*

Type of Coverage Minimum Annual Deductible Maximum Annual Out of Pocket Expense**
Individual $1,500 $7,500
Family $3,000 $15,000

*Figures reflect 2022 calendar year and will be adjusted annually

**Includes the deductible.

HSA Trust

An HSA Trust or custodial account can be established by the eligible individual, an employer, or a family member of the eligible individual on the individual’s behalf. However, it is the eligible individual’s account, regardless of who establishes it. Once funds are placed into the trust, it is the individual’s and cannot be taken away.

Contribution Limits

Any person may contribute to an HSA on a tax favored basis to the extent that the sum of all contributions do not exceed: the sum of monthly limits for the year. The monthly limits are 1/12th of the lesser of

  • $3,650 for individual and $7,300 for family coverage for the current calendar year

Unlike medical savings accounts (MSA) the employer and employee may both contribute to the HSA in the same year. Rollover contributions may be accepted from another HSA or MSA and are not subject to the annual contribution limits.

Individuals that are age 55 or older by the end of the tax year are permitted to make “catch-up” contributions as long as they qualify. In 2022, an additional $1000 may be contributed.


Form 5498 will be sent to member and IRS to report total contributions made to the account during the year and value of the account at year-end. Form 1099-SA reports the total distributions taken from the account during the year.

United Credit Union offers both Savings and Checking HSA Accounts with Free Debit Card Access.  Visit one of our six locations to get your account started today!

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