Health Savings Account

Who says health and finances can’t go hand-in-hand? Open a Health Savings Account today!

With health insurance premiums on the rise, you can protect yourself against high or unexpected medical bills, by accumulating funds in a Dillard’s Federal Credit Union’s Health Savings Account.

A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses for you, your spouse, and your dependents.

Eligibility

Who is eligible to open an HSA? An HSA can be established by any individual who:

  • Is currently covered under a qualified High Deductible Health Plan

  • Has no other first-dollar medical coverage

  • Is not enrolled in Medicare

  • Cannot be claimed as a dependent on someone else’s tax return

  • Could not have received Veteran’s Affairs medical benefits within the past three months

  • Does not have a Flexible Spending Account (FSA) or a Health Reimbursement Account (HRA)

Contributions

To contribute to a health savings account in 2024, you must be enrolled in a high deductible health plan (HDHP) with a minimum annual deductible of $1,600 for self-only coverage and $3,200 for family coverage.

The maximum 2024 contribution limits are $4,150 single coverage and $8,300 family coverage.

Accessing Your HSA Funds

Your DFCU HSA offers several convenient methods for accessing your funds at any time. You will receive a Health Savings Account Debit Card that can be used to make your qualified medical purchases or payments. Where debit cards are not an option, you can pay for services and products with an HSA check.