Power Up Your HSA with a $250 Bonus! Rollover $2,500+ Now*
Eligible members who rollover $2,500 or more into a new or existing Health Savings Account (HSA) will receive a $250 bonus deposit after maintaining the qualifying balance for 90 days.
Terms and Conditions:
- Valid for current and new HSA accounts at LFCU.
- The $2,500 deposit must be new money (funds not currently on deposit at LFCU).
- The $2,500 must remain in the HSA for at least 90 days from the date of deposit to qualify. Failure to maintain the balance disqualifies the bonus.
- $250 bonus credited to your HSA within 2 days after the 90-day requirement.
- Bonus is considered interest and may be reported on IRS Form 1099. Consult a tax advisor for tax implications.
- Limited to one bonus per HSA account and per member.
- HSA accounts are insured by the NCUA up to $250,000 per depositor
- This offer may be subject to change or withdrawal without notice.
- HSA Eligibility: Must be enrolled in a High-Deductible Health Plan (HDHP) and not covered by Medicare or another non-HDHP plan.
- Fees: No monthly maintenance fee.
- Withdrawals: Tax-free for qualified medical expenses
- non-qualified withdrawals incur tax and 20% penalty (waived after age 65).
Benefits of an HSA
A Health Savings Account (HSA) is a powerful tool to help you manage your healthcare expenses while saving on taxes. Here’s why an HSA could be a great choice for you:
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- Tax Advantages: Contributions to your HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free. If you use it for out-of-pocket healthcare expenses, including deductibles, distributions are tax-free too.
- Growth Potential: Your HSA funds can earn interest or be invested, allowing your savings to grow over time.
- Portability: Your HSA belongs to you, no matter where you work. Take it with you from job to job.
- Flexibility: Use your HSA funds to pay for a wide range of medical expenses, including doctor’s visits, prescriptions, and more.
- Rollover Benefits: Unused funds roll over year after year, so you never lose your money.
Contribution Limits for 2025
Coverage Type
Single Coverage
Family Coverage
Annual Limit
$4,300.00
$8,550.00
Individuals aged 55 and older are eligible to make an additional $1,000 catch-up contribution.
Important Information About HSAs
- Eligibility: Health Savings Accounts (HSAs) are designed to help individuals save for future qualified medical expenses on a tax-free basis.
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- You must be enrolled in a High Deductible Health Plan (HDHP) before you can begin making HSA contributions.
- Not be enrolled in Medicare
- Not be claimed as a dependent on someone else’s tax return
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- Contributions: Once your HSA is established, anyone, including employers, can make contributions into the account on behalf of an eligible individual.
Please note that if you take money out before you’re 65 and spend it on something other than eligible healthcare expenses, a 20% penalty and income taxes will apply.
Member Benefits
- 50 Free Checks: Get started with 50 free checks, so you can easily pay for your medical expenses.
- Free Debit Card: Enjoy the convenience of a free debit card linked to your HSA for quick and easy access to your funds.
Stop by an LFCU Office to open a Health Savings Account Today
Questions?
If you have any questions, please contact us during normal business hours.
- Email: lebfcu@lebanonfcu.org
- Phone: (717) 272-2210
- Option 5 – Information on an existing account, loan, or to make a loan payment
- Option 7 – To open a new account