Make sure you're covered. 

An Enrichment Health Savings Account (HSA) allows you to pay for current health care expenses and save for the future. 
 
  • No fees
  • Tax deductible contributions
  • No minimum opening deposit*
  • Tax-free distributions for qualifying medical expenses
  • Roll over funds year-to-year; no "use it or lose it"
  • Interest earned is tax-free
  • Contributions can be made by direct deposit or payroll deduction
  • Access funds by debit card or visit a branch
For more information about Health Savings Accounts, click here to visit the U.S. Department of Treasury Website. 
*Discuss with your tax adviser for more information.
 
Who can have a Health Savings Account?
Any adult may contribute to a Health Savings Account (HSA) if you:
  • Have coverage under an HSA-qualified high-deductible health plan (HDHP)
  • Have no other first-dollar medical coverage (Other types of insurance such as specific injury insurance and accident, disability, dental care, vision care and long-term care insurance are permitted.)
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on someone else's tax return
What expenses can a HSA help pay for?
  • Doctor’s office visits
  • Prescriptions
  • Vision expenses
  • Dental expenses
  • Long-term care insurance
The money in your HSA is yours forever. No “spend it or lose it” requirements. Enrichment’s HSA’s include a free, dedicated debit card, no maintenance fees, and easy 24/7 access to your account through Enrichment's Online Banking, or our mobile banking app.
Can I use my HSA funds for non-medical expenses?
Yes, but the funds will be subject to income tax and a 20% IRS penalty (Penalty does not apply after age 65).
How do I access my HSA funds?
Enrichment FCU provides you a free debit card for convenient and easy access to your funds to pay for medical expenses. You may also stop into any EFCU branch to withdraw cash or access your account through online banking. 
How much should I contribute?

Current Year Contribution Limits:

  • $3,500 single coverage
  • $7,000 family coverage
  • Individuals age 55 and older are permitted to make an additional $1,000 “catch-up” contribution

The contribution limit in the first year is not reduced due to partial-year eligibility. A testing period to determine eligibility applies, beginning with the last month of the contribution year and ending on the last day of the twelfth month following. For more details regarding the testing period, consult your current health insurance provider. Contributions can be made until April 15 of the following year.

With the rising cost of health care, saving now through a HSA Checking may be the right move for you.