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health savings account

Now and Future Savings
Why launch a health savings account (HSA)?
  • Tax-free medical distributions or expenses
  • Tax-deferred earnings
  • Visa debit card access to funds
  • Balance rolls over from year to year
  • Stays with you even if you change employers
  • Direct deposit available
  • Lower insurance premiums on high deductible health plans
  • Additional source of retirement income
UP, UP AND AWAY!
Before you "launch" your HSA, you'll need to take a look at your health insurance coverage. To contribute to an HSA, you must be covered under an HSA-eligible high deductible health plan (HDHP). An HDHP is HSA-eligible if it satisfies the annual deductible and out-of-pocket expense limits. In addition to having HSA-eligible HDHP coverage, you:
  • Cannot be covered by another health plan (with limited exceptions),
  • Cannot be enrolled in Medicare, and
  • Cannot be eligible to be claimed as a dependent on another person's tax return.
HSA eligibility is determined as of the first day of each month.
HIGH DEDUCTIBLE HEALTH PLAN LIMITS*
PLAN EXPENSES
YEAR
SELF-ONLY COVERAGE
FAMILY COVERAGE
Minimum annual deductible
2022
$1,400
$2,800
Maximum out-of-pocket expenses
2022
$7,050
$14,100
​NOTE: An HDHP with self-only coverage is a plan that covers only an individual. An HDHP with family coverage is a plan that covers an individual plus one or more dependents.
HEALTH SAVINGS ACCOUNT CONTRIBUTION LIMITS*
YEAR
SELF-ONLY COVERAGE
IF AGE 55 OR OLDER
FAMILY COVERAGE
IF AGE 55 OR OLDER
2022
$3,650
$4,650
$7,300
$8,300
The sky's the limit ... well, almost!
As long as you don't go over the limits that apply to your type of insurance coverage, you can contribute as much as you want, as often as you want throughout the year until your tax return due date (generally April 15 of the following year). In fact, anyone can contribute for you, even your employer.
A tax-deductible take-off
As your HSA contributions "take off," don't forget about that tax deduction. As long as you cannot be claimed as a dependent on another person's tax return, you can deduct your HSA contributions (except those made by your employer).

​A tax-free landing
When it's time to take money out of your HSA, prepare for a smooth "landing" without tax or penalty. Simply use the money for qualified medical expenses. This generally includes most medical, dental and vision care expenses that are incurred by either you, your spouse or any covered dependents.
​
HSA distributions not used for qualified medical expenses are subject to ordinary income tax and, if taken before age 65, a 20 percent IRS penalty tax (unless the distribution is because of death or disability).
​
​For more information
Talk to us — we'll be glad to provide you with more information on HSAs.
current savings rates
*These limits are subject to annual cost-of-living adjustments.

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4311 Middle Settlement Road
New Hartford, NY 13413
​Email: gpofcu@gpofcu.com
Routing number: 221380761​
(315) 724-1654

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Member eligibility is required. Federally insured by the NCUA. Equal Housing Lender. Your savings is federally insured to at least $250,000 and backed by the full faith and​ credit of the United States Government.​ National Credit Union Administration, a U.S. Government Agency.
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