FIGFCU Health Savings Account | Tax Free Savings On Medical Expenses
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Farmers Insurance Federal Credit Union

Routing Number: 322077795

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Health Savings Account

Earn 2.50% APY On ALL Balances

Imagine a tax-free account that allows you to pay for qualified medical expenses, including dental and eye care, while you earn dividends on your balance. Wouldn’t that be great? Our Health Savings Account (HSA) allows you to do just that.

And now it comes with industry leading earnings of 2.50% APY* on all balances! That's an earning of $125/year on a $5,000 balance.**

Benefits include:
•    Triple Tax Advantage: contributions, earnings, and withdrawals are tax-free
•    Convenient way to save for out of pocket medical costs
•    2.50% APY* on all balances—unlike other financial institutions
•    No fees ($20 minimum balance)
•    Easy access to funds via your free HSA Visa® debit card 
•    We gladly accept rollover/transfer funds


Open a Health Savings Account
Manage Your Existing Health Savings Account

If you cannot sign documents electronically, open an account here.
 

HSA Benefits

Here are just a few of the many HSA benefits:

  • You can reduce your taxable income with triple tax benefits:
  • Automated payroll/folio contributions are made with pre-tax dollars
  • Dividends earned is non-taxable
  • Qualified medical expenses are tax-free1
  • Another form of pre-tax retirement savings
  • Take the account with you no matter where you go, even once you retire
  • Balances roll over from year to year, so you don’t have to spend all the money you have put away during the year

Employers: By offering HSAs to your employees, you potentially have much to gain.

  • Contributions are considered employer-provided coverage for medical expenses
  • Increased ability to attract and retain employees
  • Lower overall health insurance costs

Learn more about how an HSA works.

Who Is Eligible?

To be eligible to establish a HSA, you must meet all of the following requirements:
•    Covered under a high deductible health plan (HDHP) on the first day of the month
•    Not enrolled in Medicare
•    Not able to be claimed as a dependent on another person’s tax return

Learn more about how an HSA works.

Farmers Employees, please note: 

  • If you have the Farmers Via Benefits plan, you are eligible to switch to ours
    • Note: our HSA does not qualify to receive the Company contribution you may be receiving now (subject to your minimum contribution)
  • Switching may take up to 2 weeks after approval, but coverage is maintained throughout

Consult your tax advisor or refer to IRS Publication 502. Contribution limitations and other restrictions apply to HSAs. To have a Federally Qualified HSA, you must purchase and maintain a HDHP with minimum deductibles of $1,300 (individual) and $2,600 (family), and maximum out of pocket expenses less than $6,850 (individual) and $13,700 (family). Generally you cannot be covered by another low-deductible health insurance policy. The tax treatment of HSA contributions and distributions under your state's income tax laws may differ from the referenced federal tax treatment, and from state to state. Consult with your financial or tax advisor for more information. This Credit Union is federally-insured by the National Credit Union Administration.

1Refer to section 213 (d) of the IRS Tax Code. Visit the U.S. Department of Treasury website for up-to-date contribution limits and more detailed information on plans and taxes.
*APY = Annual Percentage Yield. Yields are subject to change at any time. Fees could reduce the earnings on an account. Fee reimbursement promotion offered is subject to change and termination.

**Example earnings are based on a balance of $5,000 with FIGFCU HSA earning 2.50% APY compounded annually and a HSA earning 0.05%APY compounded daily. 

Promotions offered are subject to change or terminate at anytime.