Health Savings Accounts FAQ

What Are Some of the HSA Benefits?

Friday, May 14, 2010 by FCFCU Web Team

What are some of the HSA benefits? HSA health plans have a number of benefits when compared with the traditional health insurance plans. Here are some HSA benefits:

The funds that you contribute to your HSA bank accounts are completely yours.
Health care providers and plans can be changed as per your requirements with absolutely no penalty imposed on the change.
The funds deposited in the account are totally tax free.
Health care cost of individuals and families will come down substantially each year due to HSA health plans.

If you are unsure about what HSA health plans are and what benefits you will get out of it you can always refer to the health savings accounts FAQ, which will enable you to get a clear perspective.

If you want to learn more about a bank health savings account, please don't hesitate to get in touch with Financial Center of Indianapolis. You might also be interested in our Reward Checking which earns dividends.

What are HSA Health Plans?

Wednesday, May 5, 2010 by FCFCU Web Team

Insurance companies offer HSA health plans which are paired with high deductible health insurance plans and help reduce the premium rates as much as 30%. When you switch from a traditional health insurance plan to health savings accounts plan, you end up saving substantial amounts of money every month.

Our health savings account FAQ will provide you details about how much money, you can put in your health savings account and what the tax savings will be due to that. You can also get detailed information about the various HSA benefits, how much money you can contribute and how to withdraw money from your account.

Individuals can research the various HSA health plans online and choose the plan that best suits their needs. You can compare the premiums offered by most companies and decide what will be beneficial for you and your family.

If you want to learn more about HSA savings, please don't hesitate to get in touch with Financial Center of Indianapolis. You might also be interested in our Reward Checking which earns dividends.

Wondering about Health Savings Accounts?

Sunday, April 25, 2010 by FCFCU Web Team

HSA health plans offer individuals the benefits of a savings account for medical expenses either now or in the future. Most people are not aware of the HSA benefits and are unsure about the entire process of opening an HSA account and the contributions to be made.

Health savings accounts FAQ which is provided by HSA banks and credit unions like ours will offer a comprehensive guide regarding details about health savings accounts, the limit on contributions and other HSA benefits.

If you want to learn more about HSA Indianapolis, please don't hesitate to get in touch with Financial Center of Indianapolis. You might also be interested in our Reward Checking which earns dividends.

Health Savings Accounts FAQ

Saturday, April 24, 2010 by FCFCU Web Team

These are some of the most common Health Savings Account FAQ you'll want to know the answers to when you're considering HSA health plans.

What is a health savings account?
How does a health savings account work?
How much does the HSA health insurance cost?
How much can be contributed to an HSA in 2010?
What are the eligibility requirements for contributing to an HSA account?
For what purpose can HSA funds be utilized?
Can the entire contribution to an HSA be made at the beginning of the year?
If you have a medical history, can you qualify for an HSA health plan?
What happens at age 65 to my HSA plan?
Can health insurance premiums be paid from the HSA account?
What are the investment options allowed?
How will a spouse health plan affect your contribution limits?

The answers to these questions will help you plan accordingly.

HSA banks and credit unions like ours will usually have detailed answers to these FAQs, which will help individuals and families make the right decision about an HSA.

Contact us at Financial Center of Indianapolis for questions that you have about HSA savings. You might also be interested in our Reward Checking which earns dividends.

Look forward, not back, with an HSA from Financial Center

Thursday, March 25, 2010 by FCFCU Web Team

If you're looking for a supplement to your current health care plan, then you may want to consider a Health Savings Account. With the massive reform on our health care system that took place on Sunday, everyone (eligible) will have to have health care. Many are saying this means looking forward to lots of new plans with low premiums and high deductible rates, which means a huge shift towards HSAs are likely.

Now could not be a better time to look into a HSA (FCFCU HSA), not only for individuals, but also for businesses. Even before the latest bill, HSA assets have been increasing in the past few years due to the tax breaks and cost-cutting by employers. HSAs have attracted $8.6 billion in assets since they were signed into law in 2003. By contrast, retirement accounts like 401(k)s held $2.4 trillion at the end of 2008 and drive the $10 trillion mutual fund industry. But some industry experts forecast HSA assets rising to $50 billion to $100 billion in coming years. For one thing, money in the accounts can be carried over from year to year, unlike so-called flexible spending accounts that require workers to use their annual contributions by year-end or lose them.

Many are seeing HSA benefits as a better solution than ramping up another expensive plan. If you're in Indianapolis, you'll want to look into HSA accounts with Financial Center (FCFCU).

Learn more about Financial Center's HSAs at Health Savings Accounts FAQ.

Below are 10 reasons why the best HSA in Indianapolis can be found at Financial Center.

1. Convenient Access – HSA VISA card, Online BillPayer, Checks.

2. Options – HSA savings, HSA checking, HSA Money Market, HSA Premium Money Market, HSA Share Certificate.

3. Valued Relationships, Trusted Solutions.

4. We are all about our Members.

5. You are in control – You own and control the money in your HSA.

6. Easy to open - Online, in person, e-mail, or Call me, I will come to you.

7. Peace of Mind – We strive and promise to maintain the privacy of you accounts.

8. Can you say “Triple Tax Savings” – Tax deductions when you contribute, Tax-Free earnings through investment, and Tax-Free withdrawals for qualified medical expenses.

9. Location, Location, Location – With shared branching there are over 194 branches in Indiana and 3,711 Nationwide.

10. Who doesn’t like FREE? – No setup cost, No monthly or per item fees, No cost to receive statements. It is truly free.

Save today with an HSA from your Indianapolis Credit Union

Wednesday, March 3, 2010 by FCFCU Web Team

Now could not be a better time to find an alternative to rising health care costs. Ease the burden of out-of-pocket health costs, earn interest year after year, and enjoy tax free withdrawals on a Health Savings Account Plan from your Indianapolis Credit Union.

Curious about what an HSA is? According to the US. Department of the Treasury, “Health Savings Accounts (HSAs) were created by the Medicare bill signed by President Bush on December 8, 2003 and are designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis.” Read more on the US Dept of the Treasury website here.

Employers can save between 25 percent and 30 percent on health premiums by switching to an HSA. Those savings usually translate into lower premiums for employees – savings that employees can use to maximize their health savings accounts.

Financial Center offers the best Health Savings Account in the Indianapolis area. An HSA allows you to deposit funds to pay for current or future medical expenses. Funds used are tax free and remain in your account year after year. With numerous product options, zero fees, and the opportunity to earn dividends on your HSA, Financial Center is the right choice for your Health Savings Account. FCFCU has HSA options for Employers, Employees, and Insurance Brokers.

Open your HSA with FCFCU on-line or learn more at Health Savings Account FAQ.

Learn more about why more people are switching to credit union banking from their current banks.