Health Savings Account

Gain more control over your health care costs with a Health Savings Account. If you are currently enrolled in a
high-deductible health plan, KeyPoint's Health Savings Account empowers you to make your own health care decisions by giving you the ability to consider other options that may not have been feasible for you or your family before.

One of the major benefits of a Health Savings Account are the tax advantages, essentially allowing you to use pre-tax dollars to cover future medical expenses. In addition to being able to deduct your contributions, your earnings will accumulate on a tax-deferred basis and any distributions from your account are tax-free if they are used for qualified medical expenses.

• Allows you to use pre-tax dollars to cover future medical expenses.
• Gives you the opportunity to save money to pay for high or unexpected medical bills.
• Gives you the flexibility to contribute at any time and roll your balance over from year to year.
• Regardless of job status or employer contributions, your account remains the same.

Health Savings Account Disclosures:
*First order of checks is free. Subsequent orders will be an additional charge, this charge will be deducted from your HSA balance and it will be coded as a non-reportable distribution. An additional deposit to cover the check purchase is recommended.

Any type of withdrawal that is made from my HSA using share drafts will automatically be assumed to be a normal distribution and will be reported to the IRS as such. Unless, I complete an HSA withdrawal form if there is an exception.

A negative balance in the HSA represents a loan from the CU to the HSA, which is a prohibited transaction. As a result, if you initiate a transaction that overdraws your account, you agree to make immediate payment of any overdrafts together with any service charges to KeyPoint. These charges will not be included in the distribution amounts reported to the IRS annually. In the event of repeated overdrafts, KeyPoint may terminate all services under this agreement.

If the HSA owner elects to make contributions through payroll deduction and/or automatic transfer, the payroll deduction/automatic transfer received, will be allocated as a current year contribution.

The HSA owner is solely responsible for making sure that all HSA contributions are within the limits set by the tax laws and that the aggregate contribution per tax year will not exceed the maximum amount allowed by the IRS.

KeyPoint Credit Union is not responsible for improper account usage.

Consult your separate HSA disclosure for restrictions on withdrawals, tax penalties and other important information.

This account is not eligible for Courtesy Pay Privilege. Refer to Member Handbook and General Service Charges (“Fee Disclosure”) for additional terms and conditions to this account. Laws governing HSAs  can change frequently, so you should consult your tax advisor to determine if you qualify. KeyPoint Credit Union does not give tax or legal advice.