Health savings accounts

You must establish an Everence Federal Credit Union membership with at least $5 in your savings account before opening a standard HSA. 

There are no annual fees for the standard HSA. 

The money in your standard HSA earns 0.50% APY.¹

Investment HSAs allow members to earn more on the funds that are deposited.

This is a self-directed account so you can select the investments that are right for you.

You must have a valid email address and set up an online profile in order to have an investment HSA.

A 0.125% quarterly investment asset management fee ($1.25 per $1,000 balance, $2.50 minimum) will be deducted from your mutual fund account, but there are no separate fees or sales charges for your investment transactions. The maximum annual fee is $500.

• Receive pretax savings for qualified medical expenses.
• The money in your account carries over from year to year. There's no "use it or lose it" rule making it different than a flexible spending account (FSA).
• You can decide how much you want to contribute annually - up to the IRS limit.
• Use can use HSA funds during retirement to pay for out-of-pocket medical expenses and insurance premiums.

Whether your organization is large or small, rising health care costs are taking their toll. HSAs are an innovative solution available to help manage these costs.

• HSAs are employee-owned promoting employee accountability and involvement in purchasing health care services. 
• Both you and your employees can make contributions. The employee can contribute their own money to their HSA through pre-tax payroll deductions (if offered through a Section 125 cafeteria plan) or direct contributions. You can contribute to your employees’ HSAs and can make contributions for a tax year at any time during that year.
• By working with Everence, you can send all remittances to us rather than sending wires or checks to various HSA vendors.
• You report your contributions and employee pre-tax contributions on employee W-2 statements. Other HSA-related tax reporting forms are handled by Everence.
• There is no cost to you unless you elect to pay the $5 Everence Federal Credit Union membership fee to open your employees’ accounts.

You can invest in Environmental, Social and Governance funds (ESG funds), or you can choose to invest in unscreened funds. Please download the 'HSA investment options' table or learn more on the 'fund performance dashboard.'

The minimum balance (investment threshold) you must have in your Everence investment HSA before you may invest is $1,000. Then you can invest in additional values of $500 or more in mutual funds. When your Everence investment HSA exceeds your investment threshold by at least $500, money is automatically invested according to your investment allocations.

• Portal overview
  These videos cover the features of the investment portal and give you tips on updating future investment elections, viewing your transaction history, viewing statements and more.
• HSA guided portfolio demo
  This video provides a demonstration of the HSA guided portfolio tool.
  
• Contact us
  If you have questions, please call us at 800-451-5719.

The type of coverage (individual or family) you have under your qualified high-deductible health plan determines how much you may contribute to your HSA. 

• The maximum annual contribution limit for an account owner with single coverage is  $3,850 for calendar year 2023 and $4,150 for calendar year 2024.
• The maximum annual contribution limit for an account owner with family coverage is $7,750 for calendar year 2023 and $8,300 for calendar year 2024.
• An eligible individual who will attain age 55 before the end of the year for which contributions are being made can contribute an additional $1,000 that is known as a “catch-up contribution.”

Eligible medical expenses are what you pay for certain types of medical care² for yourself, your spouse and your dependents – to the extent such amounts are not covered by insurance or otherwise reimbursed. IRS Publication 502 lists many of the expenses for medical care (as defined under Section 213(d) of the Code) that are eligible for reimbursement from an HSA.

• Contribute directly to your HSA using after-tax dollars and report your contributions when you file your taxes.
• Make contributions to your HSA through a Section 125 plan (if offered by your employer), using pre-tax dollars.

You are responsible for:

• Making sure that the HSA contributions made to your HSA do not exceed your maximum contribution limit.
• Ensuring that distributions that you receive from your HSA do not exceed the qualified medical expenses that you pay for yourself, your spouse and your dependents.
• Properly reporting HSA information on your federal tax return as prescribed by the IRS.
• Maintaining records to prove to the IRS that your HSA contributions and distributions do not exceed applicable limits.