Health Savings Accounts

A Health Savings Account (HSA) is a savings account you can put money into to pay for qualified medical expenses. While you can use the funds in an HSA at any time for qualified medical expenses, you may only contribute to an HSA if you have an HSA-eligible Health Plan. By selecting Wright-Patt Credit Union® (WPCU®) as your HSA custodian, you’ll gain the benefits of an HSA plus the extraordinary service you deserve.

You may be eligible for an HSA if you meet all of the following requirements:

1. You are covered under an HSA-qualified High Deductible Health Plan (HDHP).
2. You are not covered by any other health plan unless it is also a qualified HDHP.
3. You are not enrolled for benefits under Medicare (generally not yet age 65).
4. You are not eligible to be claimed as a dependent on another person’s tax return.
5. You have not received VA benefits within the past 90 days.
6. You are not covered under TRICARE for retired military personnel.

Your HSA can be used to pay for medical expenses ranging from routine doctor visits to surgical procedures.

In order for HSA assets to retain their tax-free status, they must only be withdrawn and used for qualified medical expenses permitted under federal tax law.

For the IRS’s list of qualified medical expenses, click here or contact your tax advisor for more details.

If you are already a WPCU member and have an HSA-qualified HDHP, simply add an HSA to your current account by:

1. Logging in to Mobile or Online Banking and selecting ‘Add an Account’ under ‘Open Account or Loan’.
2. From there, select HSA and follow the steps to complete the form
3. Your HSA will appear alongside your other sub accounts. 

If you are not a WPCU member and have an HSA-qualified HDHP:

1. Visit WPCU.coop/HSA 
2. Select Become a Member 
3. Select Become a New Member 
4. Select Your Eligibility from the list of options 
5. Be Sure to Add a TrueSaver® Savings Account and Enhanced HSA from the list of product options

If you have additional questions about adding an HSA, contact our Member Help Center at (800) 762-0047.

An HSA may provide significant tax benefits:

• HSA contributions — by employer or employee — are tax-free up to the maximum allowable amount. Dividends earned and withdrawals are tax-free if used for qualified medical expenses.
• After age 65, HSA assets may be used to pay for non-qualifying expenses, however the amount withdrawn will be taxable as income. Prior to age 65, HSA assets used for non-qualifying expenses will be subject to ordinary income tax, plus a 10% penalty.
• Funds in your HSA remain in the account from year to year. There are no “use it or lose it” rules for HSAs. You can keep your HSA even if you change jobs, change your medical coverage, become unemployed, move to another state, or change your marital status.