Health Savings Accounts (HSAs)
Health Savings Made Easy
BMI Federal Credit Union offers Health Savings Account (HSA) Checking Accounts to help you save money while managing your healthcare payments.
Benefits of a BMI Federal Credit Union HSA
- Use your HSA Visa® Debit Card for easy account access
- Funds available for all qualified medical expenses*
- Four tiers available based on your minimum balance
- Earn dividends
- Deposits can be made pre-tax
- No age or income limits
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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 Saturday, October 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
To be an eligible individual and qualify for an HSA, you must meet certain requirements including but not limited to the following:
- You are covered under a high deductible health plan (HDHP)
- You have no other health coverage including but not limited to Medicare, except what is permitted by the Internal Revenue Service**
- You cannot be claimed as a dependent on someone else’s 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.