HEALTH SAVINGS ACCOUNTS

Where financial wellness meets personal wellness.

It’s an investment in your well-being.

Set money aside into this tax-advantaged account each pay period - building the savings you need for expected and unexpected medical bills

Open an Account

Get a healthier return on your deposits.

A Community First Health Savings Account (HSA) is designed to help you be healthy, wealthy and wise! For a one-time $25 enrollment fee, you can:

Earn a high dividend rate on all of your balances with no tiers

Make in person deposits and receive service locally

Pay no monthly administrative or service fees

Receive a dedicated Visa^® debit card and 25 checks to make payments

Competitive rates & terms

Health Savings Account
Type	Minimum Balance	Dividend Rate	APY¹
Health Savings Account	None	1.00	1.00

Make healthcare saving and spending easier.

With these complimentary services, you’ll be able to build up your savings, keep track their growth and pay bills simply and conveniently.

Put money aside automatically each paycheck.

Make payments from your computer or phone.

Manage your HSA alongside your other accounts.

Use your HSA debit card to get cash anytime.

Is a Community First HSA right for you?

Can I open a Health Savings Account (HSA)?

To qualify for a Health Savings Account, you must be:

Covered under a High Deductible Health Plan (HDHP) on the first day of the month

Not covered by other health plans including a spouse's health plan and sometimes a spouse's Flexible Spending Account (FSA)

Not enrolled in Medicare

Not claimed as a dependent on someone else's tax return

This is only an overview for your benefit. Please use this IRS resource to help determine eligibility.

What kind of expenses qualify?

You can use your HSA to cover a variety of qualified medical expenses including:

Co-pays & doctor visits

Prescriptions

Vision and dental expenses

Over-the-counter medications prescribed by doctor

This is only an overview for your benefit. Please use this IRS resource to help determine eligibility.

How much can I put in an HSA each year?

You decide how much to contribute within these annual contribution limits set by the IRS. You can choose to use the funds or keep accumulating them for the future.

2023 HSA Contribution Limits

	Minimum Deductible	Maximum Out-of-Pocket	Contribution Limit	Catch Up Contribution (minimum age is 55)
Single	$1,500	$7,500	$3,850 ($320.83/mo.)	$1,000 ($83.33/mo.)
Family	$3,000	$15,000	$7,750 ($645.83/mo.)	$1,000 ($83.33/mo)

Offering an HSA as an employee benefit.

Having attractive employee benefits helps employers with recruiting and retaining staff. Both the employee AND employer can make tax-deductible contributions to an employee’s Health Savings Account, making them a desirable addition for a company benefit package.

If you are a business owner or manager who would like more information about how we can complement to your company’s health insurance plans by setting up employees with individual HSAs, contact our Business Services Team.

Ready to open an account?

Once you have verified you have a qualified High Deductible Health Insurance Plan (HDHP), we’ll help get you started saving towards your health.

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How much can a HSA save me?

Calculate your savings and see how it adds up to help pay for medical bills now and in the future.

Reach Your Health Savings Account Goal

Health Savings Account or Traditional Health Plan

More Calculators Here

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that Community First Credit Union assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

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